Florida Usury Law: Maximum Interest Rates
FL usury rates: 18% general (Section 687.02: $500K or less), 25% criminal (Section 687.071: 2nd felony), 45% enhanced (1st felony), and 12% legal rate (Section 687.01: no stated rate). Corporate exemption (Section 687.11): LLCs and corporations EXEMPT (most significant). Federal banks preempted. Credit cards, FHA, VA, pawnbrokers, and small loans also exempt. Most commercial RE uses entities = exempt. Individuals: primary beneficiaries. Total cost analysis applies.
Rate Schedule
- 18% general, 25% criminal
- 45% enhanced, 12% default
Key Exemptions
- Corporate/LLC (Section 687.11)
- Federal banks, credit cards
- FHA, VA, pawnbrokers
Practical Impact
- Most RE uses entities = exempt
- Individuals: protected
- Total cost analysis
Related Terms
- Usury — Overview
Barnes Walker Business Law
Barnes Walker’s attorneys advise on FL usury law. 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