Last Update 12/05/05
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04/28/99 - Time is running short in FL...session ends on Friday, and still no word on the TL bills. SB898 is on the senate floor, and HB 299 has gone to Senate Committees. Will a bill pass?? We'll know on Friday. If no bill passes, you'll see a flurry of Local Municipalities strong arming the industry!
04/27/99 - Currently in FL the 2 title loan bills are in the senate (SB 898 & HB 299). Both are fairly strong! 299 would all but kill the TL industry in FL. 898 would limit simple interest to 96% annually. It's a crapshoot to which bill will make it through. The two deferred presentment bills introduced late in the session have been tabled until next year. They were just too late, I'm sure both will be back with bells on next session.
04/20/99 - There is legislation on deferred presentment loans in Florida at this time. The bills for payday loans "deferred presentment" are House Bill 2127 and Senate Bill 2294cl. Both bills are similar and would raise fees from 10% to 15% but only allow a maximum of 2 checks outstanding @ $500 each for a total of $1000. The new payday loans would go into effect on October 1, 1999.
FL - This link points directly to the Florida State Legislation Website. Do your search on HB 2127, SB 2294cl, SB 898 and HB 299.
Specifically Chapter 560 has to do with Check Cashing. The home page of the Florida Legislature is at www.leg.state.fl.us. My understanding is that deferred deposits fall under existing check cashing statutes. I have been meaning to call the Comptroller for the Dept of Banking in Tallahassee @ 850-487-1410 for copies of those statutes. If you pursue that and have time, please let me know what you find. I heard that the max fee is 10%.