Florida Statute 516.02 - Full Text and Legal Analysis

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.

Arrestable Offenses under F.S. 516.02
M = misdemeanor · F = felony · degree: F=1st S=2nd T=3rd
§516.02FRAUDOFFER UNAUTH/UNLICEN CONSUMER FINANCE LOANSM · 1st
Cases Citing F.S. 516.02

Fla. Stat. § 516.02 (2026) Copy Cite Official Site Syfertize CourtListener Amendments
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·Josendis v. Wall to Wall Residence Repairs, Inc., 662 F.3d 1292 (11th Cir. 2011).
Cited 504 times | Published | Court of Appeals for the Eleventh Circuit | 81 Fed. R. Serv. 3d 137, 18 Wage & Hour Cas.2d (BNA) 577, 2011 U.S. App. LEXIS 23003, 2011 WL 5589277
documents maintained pursuant to ... 29 C.F.R. § 516.2 [ (requiring employers to “maintain and preserve
0 red1 yellow264 green0 procedural
Distinguished(citing case) (2023)
phrase: "distinguishing"
Cited as authorityAstudillo (2026)
phrase: "rule_authority"
Cited as authority(citing case) (2026)
phrase: "rule_authority"
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·James Olson v. Superior Pontiac-Gmc, Inc., 765 F.2d 1570 (11th Cir. 1985).
Cited 48 times | Published | Court of Appeals for the Eleventh Circuit | 27 Wage & Hour Cas. (BNA) 393, 1985 U.S. App. LEXIS 20625
of the statute, 29 U.S.C. § 211 and 29 C.F.R. § 516.2 (1984); and (2) Superior was exonerated from liability
0 red0 yellow32 green0 procedural
Cited as authorityBobadilla (2024)
phrase: "rule_authority"
Cited as authorityAbrantes (2022)
phrase: "rule_authority"
Cited as authorityMaldanado (2021)
phrase: "rule_authority"
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·Jennifer Jenkins v. S. David Anton, PA, 922 F.3d 1257 (11th Cir. 2019).
Cited 41 times | Published | Court of Appeals for the Eleventh Circuit
worked in a workweek. See 29 C.F.R. § 516.2 (a)(7). When an employer fails to keep accurate
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Cited as authorityMedina (2025)
phrase: "rule_authority"
Cited as authority(citing case) (2025)
phrase: "rule_authority"
Cited as authority(citing case) (2025)
phrase: "rule_authority"
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·James Olson v. Superior Pontiac-Gmc, Inc., 776 F.2d 265 (11th Cir. 1985).
Cited 39 times | Published | Court of Appeals for the Eleventh Circuit | 27 Wage & Hour Cas. (BNA) 691, 1985 U.S. App. LEXIS 23738
did not conform to the requirements of 29 C.F.R. § 516.2(a)(6), (7), (8), (10), (11) and (12). A
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AdoptedBobadilla (2024)
phrase: "adopted by"
Cited as authorityGibson (2023)
phrase: "rule_authority"
Cited as authority(citing case) (2021)
phrase: "rule_authority"
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·McLaughlin v. Stineco, Inc., 697 F. Supp. 436 (M.D. Fla. 1988).
Cited 7 times | Published | District Court, M.D. Florida | 28 Wage & Hour Cas. (BNA) 1265, 1988 U.S. Dist. LEXIS 15382, 1988 WL 105619
and 7(a) of the FLSA are applicable. 29 C.F.R. § 516.2. Defendants did not produce these records for Mr
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Cited as authorityTurkowski (2025)
phrase: "rule_authority"
Cited as authorityWales (1999)
phrase: "rule_authority"
Cited as authorityHerman (1998)
phrase: "rule_authority"
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·Robert Niland v. Delta Recycling Corp., 377 F.3d 1244 (11th Cir. 2004).
Cited 4 times | Published | Court of Appeals for the Eleventh Circuit | 9 Wage & Hour Cas.2d (BNA) 1395, 2004 U.S. App. LEXIS 15060, 2004 WL 1627028
other waiver language. See 29 C.F.R. § 516.2(b)(2). Here, Perry’s affidavit shows the DOL authorized
0 red0 yellow7 green0 procedural
Cited as authorityHernandez (2023)
phrase: "rule_authority"
Cited as authoritySanchez-Rosa (2020)
phrase: "rule_authority"
Cited as authorityFitzwater (2019)
phrase: "rule_authority"
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·Lindsay Rafferty v. Denny's, Inc. (11th Cir. 2021).
Published | Court of Appeals for the Eleventh Circuit
information and data required in § 516.2(a) and, in addition, the following:
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Cited as authorityClaridge (2026)
phrase: "rule_authority"
Cited as authorityRUTHEN (2025)
phrase: "rule_authority"
Cited as authority(citing case) (2025)
phrase: "rule_authority"
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·Quick Cash v. State, Dept. of Agric., 605 So. 2d 898 (Fla. 2d DCA 1992).
Cited 1 times | Published | Florida 2nd District Court of Appeal | 1992 WL 206432
...This chapter allows higher interest rates on "consumer finance loans" than on other types of loans. Section 516.031, Fla. Stat. (1991). Chapter 516, however, does not apply to "any bona fide pawnbroking business transacted under a pawnbroker's license." Section 516.02(4), Fla. Stat. (1991). [4] Indeed, "a pawnbroker may not be licensed to transact business under this chapter." Section 516.02(4), Fla....
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Cited as authority(citing case) (1992)
phrase: "rule_authority"
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Luis Carlos Josendis v. Wall to Wall Residence (11th Cir. 2011).
Published | Court of Appeals for the Eleventh Circuit
documents maintained pursuant to . . . 29 C.F.R. § 516.2 [(requiring employers to “maintain and preserve
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Pilafian v. Green, 141 So. 2d 341 (Fla. Dist. Ct. App. 1962).
Published | District Court of Appeal of Florida | 1962 Fla. App. LEXIS 3259
...an Law of Florida, being Chapter 516, Florida Statutes, F.S.A. The Comptroller of the State of Florida is designated as the licensing official of small loan businesses under Section 516.01 (1) (d), Florida Statutes, F.S.A. The appellant, pursuant to Section 516.02, made an application for a license to operate such a business in Key Biscayne....
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Tracy Klinedinst v. Swift Investments, Inc., 260 F.3d 1251 (11th Cir. 2001).
Published | Court of Appeals for the Eleventh Circuit | 2001 U.S. App. LEXIS 17427
compensation is due under [§ 207(a) ].... ” 29 C.F.R. § 516.2(a)(6)(i). It was also obligated to maintain records
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Tracy Klinedinst v. Swift Investments, Inc., 260 F.3d 1251 (11th Cir. 2001).
Published | Court of Appeals for the Eleventh Circuit
11 due under [§ 207(a)] . . . . ” 29 C.F.R. § 516.2(a)(6)(i). It was also obligated to maintain records

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Arrestable Offenses under F.S. 516.02

Cases Citing F.S. 516.02

·Josendis v. Wall to Wall Residence Repairs, Inc., 662 F.3d 1292 (11th Cir. 2011).

·James Olson v. Superior Pontiac-Gmc, Inc., 765 F.2d 1570 (11th Cir. 1985).

·Jennifer Jenkins v. S. David Anton, PA, 922 F.3d 1257 (11th Cir. 2019).

·James Olson v. Superior Pontiac-Gmc, Inc., 776 F.2d 265 (11th Cir. 1985).

·McLaughlin v. Stineco, Inc., 697 F. Supp. 436 (M.D. Fla. 1988).

·Robert Niland v. Delta Recycling Corp., 377 F.3d 1244 (11th Cir. 2004).

·Lindsay Rafferty v. Denny's, Inc. (11th Cir. 2021).

·Quick Cash v. State, Dept. of Agric., 605 So. 2d 898 (Fla. 2d DCA 1992).

Luis Carlos Josendis v. Wall to Wall Residence (11th Cir. 2011).

Pilafian v. Green, 141 So. 2d 341 (Fla. Dist. Ct. App. 1962).

Tracy Klinedinst v. Swift Investments, Inc., 260 F.3d 1251 (11th Cir. 2001).

Tracy Klinedinst v. Swift Investments, Inc., 260 F.3d 1251 (11th Cir. 2001).