Bill exempting credit unions from deceptive practices laws passes panel - Florida Politics

Bill exempting credit unions from deceptive practices laws passes panel

A bill that would give credit unions the same exemption from state anti-deceptive practice laws that banks and savings and loans already enjoy passed a Florida House of Representatives committee with no debate Monday.

The committee substitute for House Bill 1347, introduced by Democratic state Rep. Shevrin Jones of West Park, would exempt state or federal credit unions from Florida’s Deceptive and Unfair Trade Practices Act under the assumption that credit unions get all the regulation and oversight they need from other, mostly federal banking laws and regulations.

The House Insurance & Banking Subcommittee unanimously approved it, after no one expressed any opposition.

“The current statute provides exemptions for most regulated Florida industries… based on the idea that regulated industries are properly governed by their respective regulatory authorities and their respective corrective actions from those regulatory authorities,” said Democratic state Rep. Richard Stark of Weston, who presented the bill to the committee in Jones’ absence.

The committee equally swiftly ran through a serious of other banking and insurance issues that drew no opposition or debate and little discussion.

Among them was Republican state Rep. Mike Miller‘s House Bill 925 that addressed several state financial administration issues, most notably extending the period in which insurers must permit claims from Holocaust victims, and for Holocaust victims to bring certain claims. That requirement was to sunset this year.

“There are still 12,500 folks who are still eligible for that, so having that expire this year we would be leaving those people out of the mix,” said Miller, of Winter Park.

Also among the bills approved by the insurance and banking panel were Republican state Rep. David Santiago‘s House Bill 359 dealing with medical malpractice insurance rates; Republican state Rep. Daniel Raulerson‘s House Bill 435 dealing with regulation of overseas banks with offices in Florida; Raulerson’s House Bill 437 creating a public records exemption involving overseas banks;

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