"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."  F.S. § 687.02.   The rules are different if the amount of the loan is more than $500,000.  Interest includes other fees charged above the original rate borrowed.  F.S. § 687.03(1).   The rule does not apply to chartered banks, trust companies, building and loan associations, savings and loan associations or insurance companies. F.S. § 687.10.

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Further, a consumer finance company licensed in Florida may charge a maximum 36% per annum interest on the first $10,000 principal amount, 30% per annum on amounts $10,000 through $20,000 and 24% on amounts $20,000 through $25,000.  Consumer finance loans may not exceed $25,000 and if the company is not licensed in Florida, it is limited to the 18% per annum rate. F.S. § 516.031.

 

A lender who charges usurious interest may be charged with committing a felony of the third degree. F.S. § 687.146.   Additionally, attempts to collect on a usurious loan could be in violation of the Florida Consumer Collections Practices Act F.S. §559.72(9) and/or the Fair Debt Collections Practices Act. 15 U.S.C. § 1692e(2). 

 

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