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 Maverick Your Own Question
Maverick, Lawyer
Category: Real Estate Law
Satisfied Customers: 6392
Experience:  20 years professional experience
Type Your Real Estate Law Question Here...
Maverick is online now
A new question is answered every 9 seconds

John: I'm trying to research what is the maximum late payment fee

Customer Question

John: I'm trying to research what is the maximum late payment fee that can be charged in the State of Florida. Secondly, if it is expressed as a percentage and there are say 4 late payments totalling $2500 do i need to pay penalties on penalties or just 2500X the late payment penalty percentage?
Regards Peter
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Maverick replied 2 years ago.
Welcome! My name is Maverick. I very much enjoy what I do and I hope that you will benefit from this information.
Florida law only allows a lender to charge a late fee “on each installment which is in default for a period of not less than 10 days in an amount not in excess of 5 percent of such installment”.
It also provides that only one late fee may be assessed and collected in connection with any installment, regardless of the period during which it remains in default.
Finally, if a FLA lender chooses to accelerate a loan, late fees may not continue to accrue after the date of acceleration.
See section (c) at link above.
So, in your case, if the lender charges late fees that do not comply with these statutory provisions, then those amounts would likely be included in the usury calculation and could subject the lender to penalties.
Please remember to assign a feedback rating so JA will compensate me for my time. You are free to ask follow-up questions thereafter at no charge. Please allow up to 24 hours for a follow-up response if I am signed off.
If, for some reason, you are not satisfied with the answer, I would appreciate knowing why so that I can try to clear up any misunderstanding that may have taken place and still earn a positive rating from you. If you would rather obtain a refund of your deposit, just let me know and I will inform JA on your behalf. Finally, you may request me in the future by beginning the question with "THIS IS FOR MAVERICK".
Thank you for using Just Answer.

Related Real Estate Law Questions