Florida Usury Lending Law
FL usury lending law: primarily affects private lenders, seller-financers, and non-bank lending to individuals. Institutional lenders: federal preemption. Savings clause: limits rate to legal max, provides refund, and states intent. FL courts generally enforce. Structure: corporate borrower (Section 687.11: exempt), savings clause, fee analysis (total cost), written auth (18-25%), and legal review. Best practice: assume total cost scrutinized. Most commercial RE: entity = exempt.
Who It Affects
- Private lenders, seller-financers
- Non-bank individual loans
- Institutional: mostly exempt
Savings Clause
- Limits rate to legal max
- Refund excess, states intent
- Generally enforced
Structuring
- Corporate borrower (Section 687.11)
- Fee analysis, legal review
- Written authorization
Related Terms
- Usury — Overview
Barnes Walker Real Estate
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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