TALLAHASSEE, Fla. - After four unsuccessful consecutive unsuccessful tries, the Florida legislature May 2 passed a bill, supported by the Florida Credit Union League and other consumer advocates, that will bring an end to title loan abuses. H.B. 301, sponsored by State Rep. Bill Sublette (R-Orlando) was passed unanimously. The state House of Representatives passed an identical measure a few weeks ago, also by a unanimous vote. As a result of the legislation, title loan interest rates will be limited to 30% APR (a statute passed in 1995 allowed title lenders to charge up to 264% per annum.) Title loan stores also will be required to be licensed and regulated by the Florida Department of Banking and Finance. Gov. Bush has indicated he will sign the bill. Rep. Sublette sponsored similar title loan legislation three times before this year's measure. The earlier bills were successful in the state House but consistently died in the state Senate. This year though, Sublette's efforts were supported by Senate President Toni Jennings (R-Orlando).
Florida legislature passes bill limiting title loan interest rates
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