Details on Florida’s new Payday Lending and Installment Law

On March 19, 2018 Governor Rick Scott signed the Deferred Presentment Transactions Law (SB 920). This new legislation will allow loans of up to $1,000 paid back in installments of 60-90 days. Prior law allowed only amounts up to $500 paid off in a lump sum of 31 days. The new law will go into effect July 1, 2019.  http://www.orlandosentinel.com/business/os-bz-nsf-payday-loan-changes-florida-20180213-story.html

A copy of the new law can be found here:  http://laws.flrules.org/2018/26