Is there a new doc stamp requirement as of July 1, 2002? I am told it has to do with Senate Bill #462, but have not been able to verify anything.

The rules in Florida relative to doc stamps are being changed again, and the effect will be to reduce the amount of documentary stamp taxes due on some large loans. The new rules limits documentary stamps on some transactions to a maximum dollar amount of $2,450, which corresponds to the tax on a note of $700,000. Not all loans qualify, and the rules are that any loan not secured in whole or in part by Florida real property qualifies for the tax limitation.

shreddic, I noticed your response and was hoping you may be able to answer an earlier post regarding the Document Stamp Tax - how does Reg Z treat this tax collection - is it part of the APR or is it considered a prepaid?

Janet, Doc Stamps are not finance charges, they are excluded see Reg Z commentary 226.4(a)1iA.

Florida DOR website states change effective May 1, 2002 and some folks are saying it is July 1, 2002.Because there have been several tax changes, there is some confusion. Can we clarify this for everyone please?

May 1st is the effective date for the Doc Stamp change.

We are now in the State of Florida and will have to deal with Doc. Stamp Tax on any loan so we are told. I think everyone is convinced that this is not a Finance Charge (even though we heard there was some big case around this in Florida that was overturned?) but are wondering where do you disclose this fee. For instance, if it is part of the Amount Financed, do you show a fee paid to a public official and lump it with the filing fee or do you have to itemize this separately?? Then what if the client pays this in cash. Where would you disclose it then--in the Filing Fee Box or not at all. Then for lines of credit, do you just disclose it as an "Other Charge". Any help from the Florida lenders would be helpful.