FL moves bill to exempt CUs from lawsuits
Yesterday, the Florida House Insurance & Banking subcommittee voted unanimously to advance HB 1347
, legislation that would exempt credit unions from lawsuits under the Florida Deceptive and Unfair Trades Practices Act (FDUTPA). The bill, sponsored by Rep. Shevrin Jones (D-West Park), now moves to its only other committee of reference, the House Commerce Committee. The Senate companion legislation, SB 1620
by Sen. Bobby Powell (D-West Palm Beach) is expected to be up in the Senate Banking & Insurance committee next week.
With today’s regulatory environment becoming increasingly burdensome, exempting credit unions from dual exposure to lawsuits and penalties under both the Federal statutes and FDUTPA has become a priority.
The LSCU will continue to provide updates as both HB 1347 and SB 1620 move through the process.