Finance Lessor Regulatory Bill Defeated in Florida
TRALA was successful in helping to defeat legislation that would have significantly hampered finance lessors from choosing which providers and customers to do business with in the state of Florida. Two companion bills - House Bill 1307 and Senate Bill 1354 - were an attempt to avoid preferential treatment of a manufacturer or a manufacturer's captive finance company but they caused many more problems than exist today and in TRALA's opinion were in direct violation of federal law.
Working through its Industry Council for Vehicle Renting and Leasing, TRALA directly urged the House sponsor of the bill to reconsider the proposal and began educating legislators as to the problems that would arise if these bills were passed. Some of the problems that these two bills posed would have been to:
- Remove a company's contract autonomy by forcing it to enter into a contract
- Force the purchase of unwanted contracts
- Interfere with a company's compliance requirements under the CFPB
- Put a finance company at financial risk
- Put the ability to purchase certain financing tools at risk in the state of Florida
The Florida legislature adjourned for the year in the midst of TRALA's education campaign without taking up either bill. TRALA will carefully monitor the next legislative session to insure that the legislation is not re-introduced.
To view a copy of the letter TRALA sent in April, please click here.
If you have any questions regarding these bills or the issues at hand, please contact Jake Jacoby at 703-299-9120 or at firstname.lastname@example.org.