The State of Florida already requires that, at minimum, lenders provide borrowers with an annual statement of the payments they’ve made. SB 392 “Requirements of Lenders of Money” sought to clarify the contents of the annual statement, but also added a new provision: Lenders must issue a written notice of default in order to collect default interest.

Additionally, at the borrower’s request following the sale or assignment of a loan, the assigning lender must provide a loan history report. Within 30 days of assignment, the assigned lender must provide a statement to the borrower that includes detailed breakdowns of loan history and any balance changes.

Key points:

Lenders may not collect default interest without first issuing a written notice of default.

The assigning lender must issue a loan history report following loan sale/assignment, but only if the borrower requests it.

The assignee lender must issue a loan history and balance change statement within 30 days of assignment. It is not clear if this statement is always required or only triggered by “changes to outstanding balances.”

This is retroactive to all existing loans.

With a proposed start date of July 1, 2025, AAPL worked with our Florida partner organizations and contacts in the Senate to determine the bill’s likelihood of passing and next steps.

As of the time of this writing, the bill appears to have died in committee when the 2025 session ended May 2, 2025. AAPL will continue to monitor should it be reintroduced when the Senate reconvenes in 2026.