How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask CalAttorney2 Your Own Question
CalAttorney2
CalAttorney2, Attorney
Category: Business Law
Satisfied Customers: 10244
Experience:  I am a businesses law attorney, with experience advising and representing owners and investors.
71563194
Type Your Business Law Question Here...
CalAttorney2 is online now
A new question is answered every 9 seconds

What is the commercial usury rate in florida

Customer Question

what is the commercial usury rate in florida
Submitted: 1 year ago.
Category: Business Law
Expert:  CalAttorney2 replied 1 year ago.

Florida uses a tiered usury rate depending on loan value (there are also nuances dealing with equity).

  • Florida’s usury laws, set forth in F.S. Ch. 687, prescribe a maximum rate of interest of 18 percent on loans of less than $500,000. On loans that exceed $500,000, the maximum legal rate of interest is 25 percent. Significantly, it is a criminal offense — misdemeanor or felony — to provide loans which have effective interest rates of 25 percent or more, but less than 45 percent. Interest rates that exceed 45 percent are punishable as a third degree felony.

This article published by the Florida Bar Association gives more detail on this somewhat nuanced legal issue. https://www.floridabar.org/divcom/jn/jnjournal01.nsf/c0d731e03de9828d852574580042ae7a/a699aae835268992852576f1005f7946!OpenDocument&Highlight=0,*