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. ยง 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).