Florida Personal Loan Laws and Regulations (FL)

(last updated 01/13/2020)
CHAPTER 687 INTEREST AND USURY; LENDING PRACTICES 687.01 Rate of interest in absence of contract. 687.02 “Usurious contracts” defined. 687.03 “Unlawful rates of interest” defined; proviso. 687.0303 “Line of credit” defined. 687.0304 Credit agreements. 687.031 Construction, ss. 687.02 and 687.03. 687.04 Penalty for usury; not to apply in certain situations. 687.05 Provisions for payment of attorney’s fees. 687.06 Attorney’s fee in enforcing nonusurious contracts; proviso; insurance premiums; attorney’s fee provided in note. 687.071 Criminal usury, loan sharking. 687.08 Person lending money to give borrower receipt for payments; contents of receipt; penalty for violation. 687.09 Persons accepting chattel mortgage as security for loans under $100 to cause amount as principal, interest, and fees to be inserted. 687.10 Not applicable to chartered banks, trust companies, building and loan associations, savings and loan associations, or insurance companies. 687.12 Interest rates; parity among licensed lenders or creditors. 687.125 Compounding of interest. 687.13 International transactions. 687.14 Definitions. 687.141 Loan brokers; prohibited acts. 687.142 Responsibility of principals. 687.143 Loan brokers; investigations; cease and desist orders; administrative fines. 687.144 Investigations; examinations; subpoenas; hearings; witnesses. 687.145 Injunction to restrain violations. 687.146 Criminal penalties. 687.147 Actions for damages. 687.148 Duties and powers of the commission and office. 687.01 Rate of interest in absence of contract.—In all cases where interest shall accrue without a special contract for the rate thereof, the rate is the rate provided for in s. 55.03. History.—s. 1, ch. 1483, 1866; ss. 1, 2, ch. 1562, 1866; RS 2320; GS 3103; RGS 4849; CGL 6936; s. 1, ch. 22745, 1945; s. 1, ch. 82-42; s. 10, ch. 94-239. 687.02 “Usurious contracts” defined.— (1) 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. However, if such loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or obligation exceeds $500,000 in amount or value, then no contract to pay interest thereon is usurious unless the rate of interest exceeds the rate prescribed in s. 687.071. (2) As amended by chapter 79-592, Laws of Florida, chapter 79-274, Laws of Florida, which amended subsection (1): (a) Shall apply only to loans, advances of credit, or lines of credit made on or subsequent to July 1, 1979, and to loans, advances of credit, or lines of credit made prior to that date if the lender has the legal right to require full payment or to adjust or modify the interest rate, by renewal, assumption, reaffirmation, contract, or otherwise; and (b) Shall not be construed as diminishing the force and effect of any laws applying to loans, advances of credit, or lines of credit, other than to those mentioned in paragraph (a), completed prior to July 1, 1979.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Florida, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Florida Office of Financial Regulation.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of California. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nations (for example) a Native American Tribe or the country of Antigua.

Florida Personal Loan Lending Regulator (FL)

Regulating Authority
Florida Office of Financial Regulation
Division of Securities and Finance
101 East Gaines Street
Tallahassee, FL 32399
(850) 410-9805

Agency for Handling Complaints
Florida Office of Financial Regulation
Division of Securities and Finance
200 East Gaines Street
Tallahassee , FL 32399
(850) 410-9805


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