FDUPTA Exemption moves forward

Yesterday, the Florida House of Representatives voted unanimously to pass HB 1347 by Rep. Shev Jones (D-West Park). The legislation exempts credit unions from lawsuits under the Florida Deceptive and Unfair Trades Practices Act in the identical way that banks are currently exempt.

The Senate companion legislation, SB 1620 by Sen. Bobby Powell (D-Riviera Beach) passed unanimously in the Commerce & Tourism committee earlier this week. The Senate bill has one more stop, the Rules committee, before it can be heard on the Senate floor.

This is an extremely important piece of legislation for credit unions and the LSCU Advocacy team is hard at work to get this exemption into law. If you have any questions, please feel free to contact Jared Ross or Jennifer Martin.