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Loren
Loren, Attorney
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Experience:  30 years experience representing clients .
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Is there usury law applied when lending to a corporation in

Customer Question

Is there usury law applied when lending to a corporation in Florida? I'm providing a short term loan to a friend's business for business needs and use.
Submitted: 1 year ago.
Category: Business Law
Expert:  Loren replied 1 year ago.
Thank you for using JustAnswer. I am JudgeLaw and I will do whatever I can to answer your question and provide you excellent service.

Florida usury laws do not apply to commercial loans. The usury laws apply to personal loans between individuals. Commercial loans are contractual and what the parties agree upon in contract.

The usury statute in Florida defines a borrower as a "person".

It is my privilege to assist you. Let me know if you need further information.  I hope I have helped you beyond your expectations in the service I have provided to you.  I am here for you.

Please remember to rate my answer when our communication is completed so I will be compensated for my time in providing you with the information you requested.

If you feel the need to provide a low rating, please stop and reply to me via the REPLY button with whatever issue or clarification you may need. I will happily answer your follow-up questions and assist you until I am able to explain the answer to your satisfaction. Please also remember that I cannot control whether the law is favorable to your situation, so please do not penalize me for having to deliver bad news.

Thank you.

JudgeLaw
Customer: replied 1 year ago.

Hi JudgeLaw,


 


Thanks for such a concise answer. To make sure I am clear, is there any law out there in FL that will regulate how I structure my loan and terms to this corporation? If so, what's the name of the law/regulation? Is there a maximum interest rate?


 


Thanks.

Expert:  Loren replied 1 year ago.
Thank you for following up. No, as far as usury is concerned, the borrower must be a person. Otherwise, as a commercial loan, the terms are whatever the parties agree.

For the purpose of usury, if there is a personal guaranty or other personal obligation on the borrower you are limited to 18% per annum in interest for loans up to $500,000.

As always, refer to local counsel to protect your rights in this matter before taking any action.

Thank you.

JudgeLaw
Customer: replied 1 year ago.

Is it a interest of 18% annually or can we calculate bi-annually? Does it regulate those details?

Expert:  Loren replied 1 year ago.
The statute state an 18% per annum, simple interest rate. So, a bi-annual calculation is not permitted.
Customer: replied 1 year ago.

Thanks!

Expert:  Loren replied 1 year ago.
You are very welcome. I am happy to have been of service to you and hope you found that service no less than excellent.

Thank you.

JudgeLaw

If you have not already do so, please remember to leave a favorable rating so that I am paid for assisting you.
Loren, Attorney
Category: Business Law
Satisfied Customers: 20767
Experience: 30 years experience representing clients .
Loren and 7 other Business Law Specialists are ready to help you
Expert:  Loren replied 1 year ago.
Thank you for your positive rating of my service to you. Let me know if you need more help or have future questions. I will be here for you. Just ask for me by name at the start of your question - "JudgeLaw" or use the following link (which you can bookmark in your browser):  http://www.justanswer.com/law/expert-JudgeLaw/
          

Best wishes and good luck to you.

If it is not too much trouble, when you receive a Customer Satisfaction Survey from JA/Pearl in a day or two, please do rate me highly (9 or 10). It affects my ability to continue to assist you and other customers on JA/Pearl and would be most appreciated.
Customer: replied 1 year ago.

No problem. Thanks for your help!

Expert:  Loren replied 1 year ago.
You are very kind.

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