Florida Statutes
Fla. Stat. § 516.02 (2025)
Loans; lines of credit; rate of interest; license.
✓ 2025 Florida Statutes — current through the 2025 Regular Session
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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 LOANS
Notes of Decisions
Cited in 5
cases (1 in the last 5 years), 1962–2021 · leading case: Quick Cash v. State, Dept. of Agric., 605 So. 2d 898 (Fla. 2d DCA 1992).
Quick Cash v. State, Dept. of Agric., 605 So. 2d 898 (Fla. 2d DCA 1992). “" Section 516.02(4), Fla. Stat. (1991). [4] Indeed, "a pawnbroker may not be licensed to transact business under this chapter.”
Dunn v. Global Trust Mgmt., LLC (M.D. Fla. 2020). “Fla. Stat. § 516.02 (1). Licensed lenders must keep records related to the loans they issue and are subject to FOFR oversight and investigation.”
McIntosh v. Global Trust Mgmt., LLC (M.D. Fla. 2020). “Fla. Stat. § 516.02 (1). Licensed lenders must keep records related to the loans they issue and are subject to FOFR oversight and investigation.”
Gibbs v. Elevate Credit, Inc. Do Not Docket in This Case, File in Case No. 3:18cv676 (E.D. Va. 2021). “) 2 Fla. Stat. § 516.02 (2)(a). That statute provides: 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…”
Pilafian v. Green, 141 So. 2d 341 (Fla. 1st DCA 1962). “The appellant, pursuant to Section 516.02, made an application for a license to operate such a business in Key Biscayne.”
— 516.02(4) — 1 case
Quick Cash v. State, Dept. of Agric., 605 So. 2d 898 (Fla. 2d DCA 1992). “" Section 516.02(4), Fla. Stat. (1991). [4] Indeed, "a pawnbroker may not be licensed to transact business under this chapter.”
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