The 2023 Florida Statutes (including Special Session C)

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

Chapter 520
RETAIL INSTALLMENT SALES

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F.S. 520.08

520.08 Finance charge limitation.—

(1) Notwithstanding the provisions of any other law, the finance charge, exclusive of insurance, shall not exceed the following rates:

(a) Class 1. Any new motor vehicle designated by the manufacturer by a year model not earlier than the year in which the sale is made—$10 per $100 per year.

(b) Class 2. Any new motor vehicle not in Class 1 and any used motor vehicle designated by the manufacturer by a year model of the same or not more than 2 years prior to the year in which the sale is made—$11 per $100 per year.

(c) Class 3. Any used motor vehicle not in Class 2 and designated by the manufacturer by a year model not more than 4 years prior to the year in which the sale is made—$15 per $100 per year.

(d) Class 4. Any used motor vehicle not in Class 2 or Class 3 and designated by the manufacturer by a year model more than 4 years prior to the year in which the sale is made—$17 per $100 per year.

(2) Such finance charge shall be computed on the amount financed as determined under s. 520.07(2) on contracts payable in successive monthly payments substantially equal in amount. Such finance charge may be computed on the basis of a full month for any fractional-month period in excess of 10 days. A minimum finance charge of $25 may be charged on any retail installment transaction.

(3) When a retail installment contract provides for unequal or irregular installment payments, the finance charge may be at a rate which will provide the same yield as is permitted on monthly payment contracts under subsections (1) and (2) having due regard for the schedule of payment.

(4) Any holder may purchase or acquire or agree to purchase or acquire from any seller any contract on such terms and conditions as may be agreed upon between them. Filing of the assignment, notice to the buyer of the assignment, and any requirement that the holder maintain dominion over the payments or the motor vehicle if repossessed shall not be necessary to the validity of a written assignment of a contract as against creditors, subsequent purchasers, pledgees, mortgagees, and lien claimants of the seller. Unless the buyer has notice of the assignment of her or his contract, payment thereunder made by the buyer to the last known holder of such contract shall be binding upon all subsequent holders.

(5) The provisions of subsection (1) shall not apply to any retail installment contract for the purchase of a mobile home, titled as a motor vehicle, when such contract is entered into pursuant to a commitment to guarantee issued by the United States Department of Veterans Affairs or pursuant to a commitment to insure issued by the Federal Housing Administration.

(6) As amended by chapter 79-592, Laws of Florida, chapter 79-274, Laws of Florida, which amended paragraph (1)(a):

(a) Shall apply only to loans, advances of credit, or lines of credit made on or subsequent to July 1, 1979, and to loans, advances of credit, or lines of credit made prior to that date if the lender has the legal right to require full payment or to adjust or modify the interest rate, by renewal, assumption, reaffirmation, contract, or otherwise; and

(b) Shall not be construed as diminishing the force and effect of any laws applying to loans, advances of credit, or lines of credit, other than to those mentioned in paragraph (a) of this subsection, completed prior to July 1, 1979.

History.—s. 7, ch. 57-799; s. 7, ch. 59-456; s. 3, ch. 69-370; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 1, ch. 78-312; ss. 5, 15, ch. 79-274; s. 1, ch. 79-592; s. 21, ch. 80-256; s. 2, ch. 81-318; ss. 5, 35, 36, ch. 90-103; s. 4, ch. 91-429; s. 29, ch. 93-268; s. 688, ch. 97-103.

F.S. 520.08 on Google Scholar

F.S. 520.08 on Casetext

Amendments to 520.08

Arrestable Offenses / Crimes under Fla. Stat. 520.08

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 520.08.

Annotations, Discussions, Cases:

Cases from cite.case.law:

NOLDEN, v. SUMMIT FINANCIAL CORPORATION, a USA, a d b a, 244 So. 3d 322 (Fla. App. Ct. 2018)

. . . 520 Applies to This Transaction, and Not the 18% Interest Rate Contained in the Usury Statute Section 520.08 . . . buyer's car, Chapter 520 dictated that the finance charge "shall not exceed ... $17 per $100 per year." § 520.08 . . . interest" so long as the simple interest rate does not exceed the finance charge permitted by section 520.08 . . . controlled by Chapter 520 and that the finance charges were not in excess of those authorized by section 520.08 . . . in this case was $16.48 per $100 per year, which is less than the $17.00 per year allowed by section 520.08 . . .

IN RE PETTERS COMPANY, INC. LLC PC LLC LLC SPF LLC PL LLC MGC PAC LLC A. BMO v. BMO N. A. M I, 565 B.R. 154 (Bankr. D. Minn. 2017)

. . . . § 520.08, the Minnesota Uniform Fiduciaries Act. 2. . . . Stat. § 520.08, the Minnesota Uniform Fiduciaries Act. . . . Stat. §§ 520.08 and 520.09 by converting savings certificates to a cashier’s check, reasoned that the . . . Stat. § 520.08. . . . Stat. § 520.08 specify individual transactions violating MUFA. . . .

L. WILLIAMS, v. DELRAY AUTO MALL, INC. a FGAP a, 916 F. Supp. 2d 1294 (S.D. Fla. 2013)

. . . . § 520.08(1). . . . Stat. § 520.08(1) limits the finance charge which may be included in the sale of a vehicle based on the . . . Stat. § 520.08(l)(c). . . .

In CORCORAN, R. v., 268 B.R. 882 (Bankr. M.D. Fla. 2001)

. . . Discussion The Debtors focus on § 520.08(1)(4), Florida Statutes: 520.08. . . . TranSouth asserts that “when properly calculated in accordance with Section 520.08, the interest rate . . . MOTOR VEHICLE SALES FINANCE 520.08. . . . Section 520.08(2) directs that the finance charge be computed on the amount financed, and the amount . . . finance charge allowed under § 520.08(l)(d) is to determine $17 per $100 of the amount financed for . . .

H. ZUHONE, Jr. M. v. COMMISSIONER OF INTERNAL REVENUE,, 883 F.2d 1317 (7th Cir. 1989)

. . . While 1976 was also involved, the Tax Court decided there had been an overpayment of $520.08 for that . . .

JONES v ORLANDO SECOND CAR CENTER, INC., 30 Fla. Supp. 2d 105 (Fla. Cir. Ct. 1988)

. . . would be without a remedy for lack of any misrepresentation, despite the clear mandate of sections 520.08 . . .

RESERVE INSURANCE CO. v. GULF FLORIDA TERMINAL CO. GULF FLORIDA TERMINAL CO. v. MISSOURI MEAT CO., 386 So. 2d 550 (Fla. 1980)

. . . See e.g., Fla.Stat. (1977), § 516.031 (consumer financing not to exceed $2,500); § 520.08 (motor vehicle . . .

TAYLOR, v. FIRST NATIONAL BANK OF MIAMI,, 270 So. 2d 379 (Fla. Dist. Ct. App. 1972)

. . . . § 520.08 Fla.Stat., F.S.A. provides: “(1) Notwithstanding the provisions of any other law, the finance . . .

GENERAL FINANCE CORPORATION OF FLORIDA v. CARVAJAL, 23 Fla. Supp. 25 (Dade Cty. Small Cl. Ct. 1964)

. . . balances, and thus the aforementioned conditional sales contract exceeds the maximum permitted under §520.08 . . . Section 520.08(1) provides in part — Finance charge limitation.— (1) Notwithstanding the provisions of . . . Section 520.08(2) provides — (2) Such finance charge shall be computed on the principal balance as determined . . . An, examination of §520.08(1) alone might lead the reader to conclude, at least by implication, that . . . However, when the aforesaid section is read together with §520.08(2) and §520.07 (2) the amount of the . . .

GENERAL FINANCE CORPORATION OF FLORIDA v. EMANUEL, 21 Fla. Supp. 175 (Dade Cty. Small Cl. Ct. 1963)

. . . Under §520.12 (2), F.S., a wilful violation of §520.08, F.S., by the lender bars the lender from recovering . . .

ILLINOIS PACKING CO. v. HENDERSON, 156 F.2d 1000 (Emer. Ct. App. 1946)

. . . The amount of special subsidy thus received by the complainant was $308,-520.08. . . .

THE HUMAROCK, 234 F. 716 (S.D. Ga. 1916)

. . . sale, etc., including $52 extra compensation for him for the 26 days he had it in charge, amounted to $520.08 . . . From this should be deducted the marshal’s expenses for protecting and selling the property, $520.08, . . .