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.