You are absolutely correct that there are, indeed, currently regulations on prepaid cards. What this provision does is move the key standard—the requirement that cards not expire—from the regulations into the legislation. There continues to be authority within the act to fine-tune requirements. There is a comprehensive regulation-making authority in section 627.96. Where there is a need to fine-tune it, the government does still have the authority to do that.
The advantage of this approach is it ensures that consumers can actually see the key standards in the legislation that protect them.