Florida Statute 516.02 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS

Chapter 516
CONSUMER FINANCE

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F.S. 516.02

516.02 Loans; lines of credit; rate of interest; license.—

(1) A person must not engage in the business of making consumer finance loans or operate a branch of such business unless she or he is authorized to do so under this chapter or other statutes and unless the person first obtains a license from the office.

(2)(a) A person who is engaged in the business of making loans of money, except as authorized by this chapter or other statutes of this state, may not directly or indirectly charge, contract for, or receive any interest or consideration greater than 18 percent per annum upon the loan, use, or forbearance of money, goods, or choses in action, or upon the loan or use of credit, of the amount or value of $25,000 or less.

(b) The prohibition in paragraph (a) applies to any lender who, as security for any such loan, use, or forbearance of money, goods, or choses in action, or for any such loan or use of credit, makes a pretended purchase of property from any person and permits the owner or pledgor to retain the possession thereof or who by any device or pretense of charging for services or otherwise seeks to obtain a greater compensation than is authorized by this chapter.

(c) A loan for which a greater rate of interest or charge than is allowed by this chapter has been contracted for or received, wherever made, is not enforceable in this state, and each person who in any manner participates therein in this state is subject to this chapter. However, this paragraph does not apply to loans legally made to a resident of another state by a person within that state if that state has in effect a regulatory small loan or consumer finance law similar in principle to this chapter.

(3) A licensee may offer lines of credit not exceeding $25,000 and may charge, contract for, and receive interest charges and other charges pursuant to s. 516.031, except that a licensee may not offer a credit card.

(4) This chapter does not apply to any person who does business under, and as permitted by, any law of this state or of the United States relating to banks, savings banks, trust companies, building and loan associations, credit unions, or industrial loan and investment companies. A pawnbroker may not be licensed to transact business under this chapter.

History.—s. 1, ch. 10177, 1925; CGL 3999; s. 2, ch. 57-201; ss. 12, 35, ch. 69-106; s. 2, ch. 73-192; ss. 1, 15, ch. 79-274; s. 1, ch. 79-592; s. 2, ch. 81-318; s. 1, ch. 85-32; s. 2, ch. 86-100; ss. 2, 16, 17, ch. 88-342; s. 2, ch. 90-104; s. 68, ch. 91-220; s. 4, ch. 91-429; s. 5, ch. 95-287; s. 677, ch. 97-103; s. 570, ch. 2003-261; s. 8, ch. 2006-201; s. 2, ch. 2024-276.

F.S. 516.02 on Google Scholar

F.S. 516.02 on Casetext

Amendments to 516.02

Arrestable Offenses / Crimes under Fla. Stat. 516.02

Level: Degree
Misdemeanor/Felony: First/Second/Third

S516.02 - FRAUD - MAKE LOAN WO LICENSE CHARGE EXCESS INTEREST - M: F

Annotations, Discussions, Cases:

Cases Citing Statute 516.02

Total Results: 20

Mattingly, Mattingly v. Hatfield

Court: Fla. Dist. Ct. App. | Date Filed: 2024-02-28T00:00:00-08:00

Snippet: a “person acting as a parent” under section 61.516(2). And because the Grandmother lives in Kentucky,…acting as a parent’ in Kentucky as per Chapter 61.516(2) Fl. St. and Fl. St. 61.503(13).” As stated above

MARIE J. LAMBERT DAMAS v. SCOTT C. RAPPLEYE

Court: Fla. Dist. Ct. App. | Date Filed: 2021-12-28T23:53:00-08:00

Snippet: Administration 2.516. 2 Wife’s appeal of the Amended

Sandra Kent Wheaton v. Mardella Wheaton

Court: Fla. | Date Filed: 2019-01-04T00:00:00-08:00

Citation: 261 So. 3d 1236

Snippet: strictly comply with the requirements of rule 2.516. 2 The basis for the trial court's ruling

In Re AMENDMENTS TO FLORIDA RULES OF JUDICIAL ADMINISTRATION 2.516 AND 2.525

Court: Fla. | Date Filed: 2016-04-14T00:00:00-07:00

Citation: 189 So. 3d 141, 41 Fla. L. Weekly Supp. 145, 2016 WL 1460809, 2016 Fla. LEXIS 787

Snippet: 5MB to 10MB. The proposed amendments to rules 2.516 and 2.525 remove the specific document filing and service…to Florida Rules of Judicial Administration 2.516 and 2.525 Labarga, Pariente, Lewis, Quince, Canady

In re Amendments to the Florida Rules of Judicial Administration

Court: Fla. | Date Filed: 2012-10-18T00:00:00-07:00

Citation: 102 So. 3d 505, 2012 Fla. LEXIS 2064, 2012 WL 4936305

Snippet: requirements of Florida Rule of Judicial Administration 2.516. (2) [No Change] (b) [No Change] (c) Method of Service

Master Tech Satellite, Inc. v. Mastec North America, Inc.

Court: Fla. Dist. Ct. App. | Date Filed: 2010-10-27T00:00:00-07:00

Citation: 49 So. 3d 789, 2010 Fla. App. LEXIS 16283, 2010 WL 4226500

Snippet: be certified or registered with the state. § 489.516(2), *791Fla. Stat. (2004). The statutes generally

London v. London

Court: Fla. Dist. Ct. App. | Date Filed: 2009-10-16T00:00:00-07:00

Citation: 32 So. 3d 107, 2009 Fla. App. LEXIS 15614, 2009 WL 3320189

Snippet: 61.514(1)(a) is satisfied. Additionally, section 61.516(2) is satisfied because the French court previously

McGhee v. Biggs

Court: Fla. Dist. Ct. App. | Date Filed: 2008-02-06T00:00:00-08:00

Citation: 974 So. 2d 524

Snippet: the mother resides in North Carolina, section 61.516(2) is not applicable. Although section 61.516 also

Norris v. Heckerman

Court: Fla. Dist. Ct. App. | Date Filed: 2008-01-28T00:00:00-08:00

Citation: 972 So. 2d 1098

Snippet: did have such authority pursuant to section 61.516(2), Florida Statutes (2007), of the Uniform Child

Ogilvie v. Ogilvie

Court: Fla. Dist. Ct. App. | Date Filed: 2007-04-19T00:00:00-07:00

Citation: 954 So. 2d 698

Snippet: presently reside in the other state." § 61.516(2), Fla. Stat. (2005)) (emphasis supplied). See also

Ago

Court: Fla. Att'y Gen. | Date Filed: 2000-05-01T00:53:00-07:00

Snippet: Philips, dated January 19, 2000. 2 And see, s. 516.02(2)(a), Fla. Stat., of the Florida Consumer Finance

Martinez v. State

Court: Fla. Dist. Ct. App. | Date Filed: 1997-04-23T00:53:00-07:00

Citation: 692 So. 2d 199

Snippet: 475 So.2d 1000 (Fla. 5th DCA 1985). 683 So.2d at 516.[2] To begin with, the Thornton decision analyzes

Rucker v. City of Ocala

Court: Fla. Dist. Ct. App. | Date Filed: 1996-12-04T23:53:00-08:00

Citation: 684 So. 2d 836

Snippet: emergency care is rendered. Finally, Rule 38F-7.516(2), Florida Administrative Code, defines "authorization

Florida Bd. of Bar Examiners Re: Erm

Court: Fla. | Date Filed: 1994-01-12T23:53:00-08:00

Citation: 630 So. 2d 1046

Snippet: against E.R.M. and the bank in the amount of $15,516.02. The client ultimately satisfied the judgment in

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Court: Fla. Att'y Gen. | Date Filed: 1992-10-29T23:53:00-08:00

Snippet: maintained by the clerk of the court. 6 438 So.2d 516 (2 D.C.A. Fla., 1983), quashed onother grounds, 458…543 So.2d 757 (2 D.C.A. Fla., 1989). 9 438 So.2d 516 (2 D.C.A. Fla., 1983), quashed onother grounds, 458

Quick Cash v. STATE, DEPT. OF AGRICULTURE

Court: Fla. Dist. Ct. App. | Date Filed: 1992-08-28T00:53:00-07:00

Citation: 605 So. 2d 898

Snippet: under a pawnbroker's license." Section 516.02(4), Fla. Stat. (1991).[4] Indeed, "a pawnbroker…transact business under this chapter." Section 516.02(4), Fla. Stat. (1991). If the Division can plead

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Court: Fla. Att'y Gen. | Date Filed: 1991-11-07T23:53:00-08:00

Snippet: examination requirements." 7 And see, s. 489.516(2), F.S., stating that "[n]o person who is not

LeGrand v. Dean

Court: Fla. Dist. Ct. App. | Date Filed: 1990-05-31T00:53:00-07:00

Citation: 564 So. 2d 510

Snippet: Officer by the City of Pikesville, Tennessee. *516 2. On May 12, 1986, I was employed as a Deputy Sheriff

Ago

Court: Fla. Att'y Gen. | Date Filed: 1990-02-05T23:53:00-08:00

Snippet: legislation) and Tribune Company v. Cannella, 438 So.2d 516 (2 D.C.A. Fla., 1983), quashed,458 So.2d 1075 (Fla

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Court: Fla. Att'y Gen. | Date Filed: 1989-08-09T00:53:00-07:00

Snippet: contractors shall not exceed $400. 10 Section 489.516(2), F.S. (1988 Supp.), in pertinent part, provides