Florida Excessive Interest Rate Prohibition
FL excessive interest prohibition: civil (Section 687.02: 18%+, $500K or less), criminal (Section 687.071: 25%+ = 2nd felony; 45%+ = 1st felony), and penalties (Section 687.04: double interest + forfeiture). Civil vs. criminal: 18-25% = civil only; 25%+ = criminal. Written auth: above 18% but not 25% (criminal can’t be waived). Enforcement: borrower lawsuit, State Attorney prosecution, and OFR regulation. Statute: 5 years civil (Section 95.11(2)(b)). Protects from loan sharking.
Civil vs. Criminal
- Civil: 18-25% (double + forfeiture)
- Criminal: 25%+ (2nd felony)
- 45%+: 1st-degree felony
Written Authorization
- Can authorize above 18%
- Cannot exceed 25%
- Criminal: can’t be waived
Enforcement
- Borrower lawsuit, prosecution
- OFR regulation
- 5-year statute
Related Terms
- Usury — Overview
Barnes Walker Business Law
Barnes Walker’s attorneys handle excessive interest in Florida. Request a legal inquiry for assistance.
Florida Law Reference
Fla. Stat. Ch. 687
Limits the maximum interest rate that may be charged on loans in Florida. The general usury limit is 18% for loans under $500,000 and 25% for loans of $500,000 or more.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC