Allows retail installment contract holders to charge a fee for processing electronic payments under certain conditions.

The bill creates a new section in Florida Statutes to define "electronic payment" and allows holders of retail installment contracts to charge a fee for processing such payments. The fee can only be charged if it is reasonably related to the actual expense incurred, the buyer has the option to pay without a fee, and electronic payment is not the expected form of payment. The bill also requires disclosure of the fee and alternative payment options before the buyer agrees to make an electronic payment. The act would take effect on July 1, 2026.

Allows retail installment contract holders to charge a fee for processing electronic payments under certain conditions.

The bill creates a new section in Florida Statutes to define "electronic payment" and allows holders of retail installment contracts to charge a fee for processing such payments. The fee can only be charged if it is reasonably related to the actual expense incurred, the buyer has the option to pay without a fee, and electronic payment is not the expected form of payment. The bill also requires disclosure of the fee and alternative payment options before the buyer agrees to make an electronic payment. The act would take effect on July 1, 2026.