Fla. Stat. § 687.01
Rate of interest in absence of contract
In all cases where interest shall accrue without a special contract for the rate thereof, the rate is the rate provided for in s. 55.03.
Florida Statutes Chapter 687 — INTEREST AND USURY; LENDING PRACTICES
Florida · statute · Fla. Stat. ch. 687 · 27 active provisions
Provisions
Fla. Stat. § 687.02
“Usurious contracts” defined
(1) All contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, or upon any obligation whatever, at a higher rate of interest than the equivalent of 18 percent per annum simple interest are hereby declared usurious. However, if such lo…
Fla. Stat. § 687.03
“Unlawful rates of interest” defined; proviso
(1) Except as provided herein, it shall be usury and unlawful for any person, or for any agent, officer, or other representative of any person, to reserve, charge, or take for any loan, advance of money, line of credit, forbearance to enforce the collection of any sum of money, or other obligation a rate of interest gr…
Fla. Stat. § 687.0303
“Line of credit” defined
(1) The term “line of credit,” whenever used in this chapter, means an arrangement under which one or more loans or advances of money may be made available to a debtor in one transaction or a series of related transactions.(2) The Legislature hereby declares that, as a matter of law, “line of credit,” as such term is d…
Fla. Stat. § 687.0304
Credit agreements
(1) DEFINITIONS.—For the purposes of this section:(a) “Credit agreement” means an agreement to lend or forbear repayment of money, goods, or things in action, to otherwise extend credit, or to make any other financial accommodation.(b) “Creditor” means a person who extends credit under a credit agreement with a debtor.…
Fla. Stat. § 687.031
Construction, ss. 687.02 and 687.03
Sections 687.02 and 687.03 shall not be construed to repeal, modify or limit any or either of the special provisions of existing statutory law creating exceptions to the general law governing interest and usury and specifying the interest rates and charges which may be made pursuant to such exceptions, including but no…
Fla. Stat. § 687.04
Penalty for usury; not to apply in certain situations
Any person, or any agent, officer, or other representative of any person, willfully violating the provisions of s. 687.03 shall forfeit the entire interest so charged, or contracted to be charged or reserved, and only the actual principal sum of such usurious contract can be enforced in any court in this state, either…
Fla. Stat. § 687.05
Provisions for payment of attorney’s fees
No provision for the payment of attorney’s fees, or charge for exchange or similar charge shall render such instrument subject to the terms of any statute of this state, limiting the amount of interest which shall be charged on such instrument.
Fla. Stat. § 687.06
Attorney’s fee in enforcing nonusurious contracts; proviso; insurance premiums; attorney’s fee provided in note
This chapter shall not be so construed as to prevent provision for the payment of such attorney’s fees as the court may determine in cases brought before the court to be reasonable and just for legal services rendered in enforcing nonusurious contracts, either at law or in equity. This chapter shall not be construed so…
Fla. Stat. § 687.071
Criminal usury, loan sharking
(1) DEFINITIONS.—The following words and phrases, as used in this section, shall have the following meanings:(a) “Person” shall be construed to be defined as provided in s. 1.01.(b) “Creditor” means any person who makes an extension of credit or any person claiming by, under, or through such person.(c) “Debtor” means a…
Fla. Stat. § 687.08
Person lending money to give borrower receipt for payments; contents of receipt; penalty for violation
(1) Every person, or the agent, officer, or other representative of any person, lending money in this state upon security shall, whenever the borrower of such money makes a payment of any money, either principal or interest, immediately upon such payment being made, give to the borrower a receipt, dated of the date of…
Fla. Stat. § 687.09
Persons accepting chattel mortgage as security for loans under $100 to cause amount as principal, interest, and fees to be inserted
Every mortgagee accepting a mortgage on personal property as security for the repayment of a loan of money less than $100 shall cause to be stated in such mortgage, separately and distinctly, the several amounts secured as principal, interest and fees, and any mortgagee willfully violating the provisions of this sectio…
Fla. Stat. § 687.10
Not applicable to chartered banks, trust companies, building and loan associations, savings and loan associations, or insurance companies
The provisions of ss. 687.08 and 687.09 shall not apply to chartered banks, state or national, trust companies, building and loan associations or to savings and loan associations, whether chartered under state or federal statutes, or insurance companies.
Fla. Stat. § 687.12
Interest rates; parity among licensed lenders or creditors
(1) Any lender or creditor licensed or chartered under chapter 516, chapter 520, chapter 657, chapter 658 or former chapter 659, former chapter 664 or former chapter 656, chapter 665, or part XV of chapter 627; any lender or creditor located in this state and licensed or chartered under the laws of the United States an…
Fla. Stat. § 687.125
Compounding of interest
Interest or finance charges on any loan or extension of credit secured by a mortgage which contains a provision for the compounding of interest may be compounded provided the total amount of interest received by the lender as a result of such compounding, including interest upon interest, produces an effective yield wh…
Fla. Stat. § 687.13
International transactions
(1) The provisions of this chapter, other than s. 687.071, shall not apply to any loan made by any international bank agency or any bank, including an Edge Act corporation, organized under the laws of the United States or this state to borrowers who are neither residents nor citizens of the United States if such loan i…
Fla. Stat. § 687.14
Definitions
As used in this act, unless the context otherwise requires:(1) “Advance fee” means any consideration which is assessed or collected, prior to the closing of a loan, by a loan broker.(2) “Borrower” means a person obtaining or desiring to obtain a loan of money, a credit card, or a line of credit.(3) “Commission” means t…
Fla. Stat. § 687.141
Loan brokers; prohibited acts
No loan broker shall:(1) Assess or collect an advance fee from a borrower to provide services as a loan broker.(2) Make or use any false or misleading representations or omit any material fact in the offer or sale of the services of a loan broker or engage, directly or indirectly, in any act that operates or would oper…
Fla. Stat. § 687.142
Responsibility of principals
Each principal of a loan broker may be sanctioned for the actions of the loan broker, including its agents or employees, in the course of business of the loan broker.
Fla. Stat. § 687.143
Loan brokers; investigations; cease and desist orders; administrative fines
(1) The office may investigate the actions of any person for compliance with this act.(2) The office may order a loan broker to cease and desist whenever the office determines that the loan broker has violated or is violating or will violate any provision of this act, any rule of the commission, order of the office, or…
Fla. Stat. § 687.144
Investigations; examinations; subpoenas; hearings; witnesses
(1) The office may make investigations and examinations upon reasonable suspicion within or outside of this state as it deems necessary to determine whether a person has violated or is about to violate any provision of this act or any rule or order promulgated thereunder.(2) The office may gather evidence in the matter…
Fla. Stat. § 687.145
Injunction to restrain violations
(1) Whenever the office determines, from evidence satisfactory to it, that any person has engaged, is engaged, or is about to engage in an act or practice constituting a violation of this act or a rule or order promulgated thereunder, the office may bring action in the name and on behalf of the state against such perso…
Fla. Stat. § 687.146
Criminal penalties
Whoever violates any provision of this act commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.
Fla. Stat. § 687.147
Actions for damages
(1) Any borrower injured by a violation of this act may bring an action for recovery of damages. Judgment shall be entered for actual damages, but in no case less than the amount paid by the borrower to the loan broker, plus reasonable attorney’s fees and costs. An award may also be entered for punitive damages.(2) Any…
Fla. Stat. § 687.148
Duties and powers of the commission and office
(1) The office is responsible for the administration and enforcement of this act.(2) The commission may adopt such rules as it may deem necessary in the administration of this act and not inconsistent therewith.
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