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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.!OpenDocument&Highlight=0,*