FOR IMMEDIATE RELEASE                                        

For more information contact:

Carleton Sales Team

574.243.6040 option #3

sales@carletoninc.com

Florida Consumer Finance Act Rate and Threshold Adjustments

On June 28, 2024, Florida Governor Ron Desantis signed House Bill 1347 into law changing provisions in the state’s Consumer Finance Act, specifically under § 516.031. The substantive changes include increasing the bracketed rate structures and tiers. The Consumer Finance Act still covers loans up to $25,000.

New Rate Structure for Consumer Loans:

• 36% per annum on the first $10,000 of the principal amount
• 30% per annum on the part of the principal exceeding $10,000 and up to $20,000
• 24% per annum on that part of the principal amount exceeding $20,000 and up to $25,000

Effective July 1, 2024.

About Carleton, Inc.:

Carleton is the country's leading provider of financial calculation software, loan origination compliance support, and document generation software. With over 50 years of experience, our ongoing expertise and industry knowledge reaffirms why we are a trusted partner.  Founded in conjunction with the Truth In Lending Act, Carleton provides expert compliance support with continuous accuracy in all our calculations and disclosures at a state and federal level. To learn more about Carleton's lending solutions, contact our sales team at sales@carletoninc.com or 574-243-6040 option #3.