Another day, another credit union victory! Yesterday, the Florida Senate passed HB 1347 by Rep. Shev Jones (D-West Park) by a 37-0 vote. The companion bill, SB 1620 by Sen. Bobby Powell (D-Riviera Beach), was substituted for the House bill, so that the Senate could pass the identical legislation.
The bill, which has been a priority of the League for several years, would exempt credit unions from application of the Florida Deceptive and Unfair Trades Practices Act (FDUTPA). Currently, banks and savings and loans associations are exempted from FDUTPA, while credit unions are still subject to enforcement and lawsuits under the Act.
The legislation will now head to Gov. Rick Scott. The LSCU Advocacy Team has already met with the governor’s staff to brief them on the reasons credit unions should be exempted from FDUTPA, however, we will need credit unions to contact the governor and ask him to sign this legislation. Please be on the lookout for a message from the Advocacy Team on this.