On March 19, 2018 Gov. Rick Scott (R) signed into law S.B. 386 (2018), which amends the late charge found in Fla. Stat. Ann. § 516.031(3)(a)(9) applicable to loans subject to the Florida Consumer Finance Act, changing the maximum charge from $15 to the following structure:
- $15 for a late monthly payment;
- $7.50 for a late semi-monthly payment; and
- $7.50 for a late biweekly payment, but capping it at $5 per late payment if three payments are due within the same month (see https://www.flsenate.gov/Session/Bill/2018/00386).
This amendment takes effect on July 1, 2018.
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (http://blog.docutechcorp.com/category/document-updates).