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Florida Interest Rates Laws
More Information on Interest Rate Laws
| Legal Maximum Rate of Interest | Determined by comptroller of state by averaging the discount rate of the Federal Reserve Bank of New York for the preceding year and adding 500 basis points to the averaged federal discount rate (§55.03) |
| Penalty for Usury (Unlawful Interest Rate) | All interest forfeited and repaid double (§687.04); criminal usury: credit at rate of 25-45% is misdemeanor with penalty of up to 60 days in prison and/or $500 fine; over 45% is 3rd degree felony; keeping the books/records for loan at 25% is 1st degree misdemeanor, and if loan or forbearance is criminal, debt is not enforceable (§687.071) |
| Interest Rates on Judgments | Set yearly by the state comptroller by averaging discount rate of Fed. Reserve Bank of N.Y. for the preceding year and adding 500 basis pts. to the averaged discount rate (55.03) |
| Exceptions | If specifically licensed in business and making loan (§516.031); on sale of motor vehicles (§§520.01, et seq.) |
Note: State laws are constantly changing -- contact an attorney or conduct your own legal research to verify the state law(s) you are researching.
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- Official State Codes - Links to the official online statutes (laws) in all 50 states and DC.
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