Florida Statute 687.02 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 687
INTEREST AND USURY; LENDING PRACTICES

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F.S. 687.02

687.02 “Usurious contracts” defined.—

(1) All contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, or upon any obligation whatever, at a higher rate of interest than the equivalent of 18 percent per annum simple interest are hereby declared usurious. However, if such loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or obligation exceeds $500,000 in amount or value, then no contract to pay interest thereon is usurious unless the rate of interest exceeds the rate prescribed in s. 687.071.

(2) As amended by chapter 79-592, Laws of Florida, chapter 79-274, Laws of Florida, which amended subsection (1):

(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), completed prior to July 1, 1979.

History.—s. 1, ch. 4022, 1891; GS 3104; s. 1, ch. 5960, 1909; RGS 4850; CGL 6937; s. 1, ch. 29705, 1955; s. 1, ch. 73-298; ss. 12, 15, ch. 79-274; s. 1, ch. 79-592; s. 1, ch. 80-310.

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Amendments to 687.02

Annotations, Discussions, Cases:

Cases Citing Statute 687.02

Total Results: 36

United States v. Angelo Pepe and Thomas Miglionico, United States of America v. Albert Joseph Facchiano, Francis Santo, Paul Santo

747 F.2d 632, 17 Fed. R. Serv. 412, 1984 U.S. App. LEXIS 16406

Court of Appeals for the Eleventh Circuit | Filed: Nov 28, 1984 | Docket: 245521

Cited 196 times | Published

defined as usurious under state law. Fla.Stat.Ann. § 687.02 (1984) provides a general 18% per annum maximum

Woodgate Development Corp. v. Hamilton Investment Trust

351 So. 2d 14

Supreme Court of Florida | Filed: Jun 9, 1977 | Docket: 1247377

Cited 43 times | Published

687 provided in pertinent part as follows: Section 687.02, Florida Statutes, defined usurious contracts

Party Yards, Inc. v. Templeton

751 So. 2d 121, 2000 WL 6143

District Court of Appeal of Florida | Filed: Jan 7, 2000 | Docket: 1712548

Cited 21 times | Published

exceeding eighteen percent per annum are usurious. § 687.02(1).[2] An unlawful rate of interest exists when

Video Trax, Inc. v. NationsBank, N.A.

33 F. Supp. 2d 1041, 1998 U.S. Dist. LEXIS 20387, 1998 WL 915364

District Court, S.D. Florida | Filed: Dec 10, 1998 | Docket: 1325860

Cited 14 times | Published

prohibition to sustain a finding of usury under § 687.02 of the Florida Statutes. Having extensively discussed

McKenzie Check Advance of Florida v. Betts

928 So. 2d 1204, 31 Fla. L. Weekly Supp. 255, 2006 Fla. LEXIS 666, 2006 WL 1096679

Supreme Court of Florida | Filed: Apr 27, 2006 | Docket: 1713829

Cited 12 times | Published

explicitly referenced Florida's Usury Law in section 687.02, Florida Statutes (1997), stating that "it

CONTINENTAL MTG. INV. v. Sailboat Key, Inc.

354 So. 2d 67

District Court of Appeal of Florida | Filed: Sep 13, 1977 | Docket: 30117

Cited 9 times | Published

contracts and corporations is found in Florida Statute 687.02 (1975) which dates back to 1955 and provides

Rollins v. Odom

519 So. 2d 652, 1988 WL 800

District Court of Appeal of Florida | Filed: Jan 12, 1988 | Docket: 1332414

Cited 8 times | Published

of $21,240.22, and $16,755.12, respectively. Section 687.02, Florida Statutes defines as usurious All

North Am. Mtg. Investors v. Cape San Blas

378 So. 2d 287

Supreme Court of Florida | Filed: Dec 20, 1979 | Docket: 1795315

Cited 8 times | Published

permissible rates payable by an individual as maker (section 687.02) as contrasted to an individual secondarily

Reserve Ins. Co. v. Gulf Florida Terminal Co.

386 So. 2d 550, 1980 Fla. LEXIS 4320

Supreme Court of Florida | Filed: Jul 24, 1980 | Docket: 477426

Cited 7 times | Published

000); § 659.181 (commercial banks credit cards); § 687.02 (loans to individuals in excess of $500,000).

Oregrund Ltd. Partnership v. Sheive

873 So. 2d 451, 2004 Fla. App. LEXIS 6429, 2004 WL 1057687

District Court of Appeal of Florida | Filed: May 7, 2004 | Docket: 1451868

Cited 6 times | Published

Florida's usury laws are set out in Chapter 687. Section 687.02(1) defines usurious contracts as [a]ll contracts

Sailboat Apt. Corp. v. CHASE MAN. MORTG. & RELATY TRUST

363 So. 2d 564

District Court of Appeal of Florida | Filed: Aug 15, 1978 | Docket: 1513674

Cited 6 times | Published

on bonds. For the purpose of this section and § 687.02, the rate of interest on any loan of money shall

Betts v. McKenzie Check Advance of Florida, LLC

879 So. 2d 667, 2004 WL 1779079

District Court of Appeal of Florida | Filed: Aug 11, 2004 | Docket: 463749

Cited 5 times | Published

under the purview of the usury laws. See generally § 687.02(1), Fla. Stat. (1997) (defining "usurious contracts"

Southeast Bank, NA v. Almeida

693 So. 2d 1015, 1997 WL 227471

District Court of Appeal of Florida | Filed: May 7, 1997 | Docket: 1524446

Cited 4 times | Published

77. c. Violates the Florida Usury Statutes, Section 687.02, 687.03 et seq. d. Violates the Federal Usury

Concrete Express, Inc. v. United States (Internal Revenue Service) (In Re Concrete Express, Inc.)

87 B.R. 718, 1988 Bankr. LEXIS 897

United States Bankruptcy Court, S.D. Florida. | Filed: Jun 20, 1988 | Docket: 1866449

Cited 4 times | Published

Security Agreement, Plaintiff's Complaint under Section 687.02 must fail and Judgment shall be entered for

Brann v. Flagship Bank of Pinellas, NA

450 So. 2d 237

District Court of Appeal of Florida | Filed: Apr 11, 1984 | Docket: 695890

Cited 3 times | Published

interest exceeded the 18% per annum permitted by section 687.02, Florida Statutes (1981), they contend the

Moretto v. Sussman

274 So. 2d 259

District Court of Appeal of Florida | Filed: Mar 16, 1973 | Docket: 1260406

Cited 3 times | Published

seeking statutory sanctions and penalties under F.S. 687.02, 687.04 and 687.071, Laws of 1969, F.S.A. The

Silver Sands v. Pensacola Loan & Savings Bank

174 So. 2d 61

District Court of Appeal of Florida | Filed: Apr 29, 1965 | Docket: 1714276

Cited 3 times | Published

the Court further finds that the provisions of § 687.02, Florida Statutes, F.S.A., and § 687.03, Florida

Minalla v. Equinamics Corp.

954 So. 2d 645, 2007 Fla. App. LEXIS 4174, 2007 WL 837170

District Court of Appeal of Florida | Filed: Mar 21, 2007 | Docket: 1165305

Cited 2 times | Published

that the SLO violates Florida's usury statute, § 687.02(1), Florida Statutes (2005); in Count IV a quiet

L'Arbalete, Inc. v. Zaczac

474 F. Supp. 2d 1314, 2007 WL 294133, 2007 U.S. Dist. LEXIS 6191

District Court, S.D. Florida | Filed: Feb 1, 2007 | Docket: 35576

Cited 2 times | Published

or, designation given to it by the parties. Section 687.02(1), Florida Statutes, provides that "[al contracts

OAKLAND EAST MANORS CONDO. v. La Roza

669 So. 2d 1138, 1996 WL 123163

District Court of Appeal of Florida | Filed: Mar 20, 1996 | Docket: 1526212

Cited 2 times | Published

of the State of Florida." The usury statute, section 687.02, Florida Statutes (1993), permits "18 percent

Advance America v. OFFICE OF ATTY. GEN., DEPARTMENT OF LEGAL AFFAIRS

801 So. 2d 310, 2001 WL 1598366

District Court of Appeal of Florida | Filed: Dec 17, 2001 | Docket: 1744769

Cited 1 times | Published

appellants and all payday lenders that under section 687.02, Florida Statutes, it is illegal to charge

Hughes v. Fashion Jewelry Outlets, Inc. (In Re Tammey Jewels, Inc.)

116 B.R. 290, 1990 Bankr. LEXIS 1421, 1990 WL 95537

United States Bankruptcy Court, M.D. Florida | Filed: Jun 14, 1990 | Docket: 1813522

Cited 1 times | Published

determined by summary judgment. Florida Statute § 687.02 provides in part that contracts for the payment

In Re Hamlett

63 B.R. 492, 1986 Bankr. LEXIS 5620

United States Bankruptcy Court, M.D. Florida | Filed: Jul 28, 1986 | Docket: 1421342

Cited 1 times | Published

per annum simple interest" is usurious. F.S.A. § 687.02(1). It is unlawful for any person or entity to

Green Ridge Corp. v. South Jersey Mortgage Co.

211 So. 2d 70, 1968 Fla. App. LEXIS 5432

District Court of Appeal of Florida | Filed: May 29, 1968 | Docket: 1738944

Cited 1 times | Published

any taint of usury. (See Florida Statutes, Section 687.02 [1963], F.S.A.) He thereupon decreed foreclosure

Nolden v. Summit Fin. Corp.

244 So. 3d 322

District Court of Appeal of Florida | Filed: Apr 25, 2018 | Docket: 64679353

Published

usury statute, interest exceeding 18% is usurious. § 687.02, Fla. Stat. (2009). Therefore, the usury statute

ADRIANNE NOLDEN v. SUMMIT FINANCIAL CORP.

District Court of Appeal of Florida | Filed: Apr 25, 2018 | Docket: 6375027

Published

usury statute, interest exceeding 18% is usurious. § 687.02, Fla. Stat. (2009). Therefore, the usury statute

Inetianbor v. Cashcall, Inc.

314 F.R.D. 535, 94 Fed. R. Serv. 3d 728, 2016 U.S. Dist. LEXIS 56105, 2016 WL 1622317

District Court, S.D. Florida | Filed: Apr 20, 2016 | Docket: 66057372

Published

violation of Florida’s usury statute, Fla. Stat. § 687.02 (Count I); (2) violation of Florida’s Deceptive

Williams v. Delray Auto Mall, Inc.

916 F. Supp. 2d 1294, 2013 WL 64616, 2013 U.S. Dist. LEXIS 3505

District Court, S.D. Florida | Filed: Jan 7, 2013 | Docket: 65987812

Published

the equivalent of eighteen percent. Fla. Stat. § 687.02(1). In order to properly state a usury claim under

Betts v. Advance America

213 F.R.D. 466, 2003 U.S. Dist. LEXIS 2825, 2003 WL 738752

District Court, M.D. Florida | Filed: Feb 24, 2003 | Docket: 66018256

Published

transactions. Fla. Stat. Chapter 687. Fla. Stat. § 687.02(1) states that: All contracts for the payment

Ago

Florida Attorney General Reports | Filed: May 1, 2000 | Docket: 3256889

Published

and setting the maximum interest thereon.1 Section 687.02(1), Florida Statutes, provides that contracts

SLK Associates, Inc. v. Miami Money Store, Inc. (In re SLK Associates, Inc.)

166 B.R. 985, 8 Fla. L. Weekly Fed. B 57, 1994 Bankr. LEXIS 687

United States Bankruptcy Court, S.D. Florida. | Filed: Apr 22, 1994 | Docket: 65780777

Published

the repurchase price constituted usury under Fla.Stat. 687.02. The Complaint further alleged that MIAMI

Pasternak v. Brook

528 So. 2d 1354, 13 Fla. L. Weekly 1913, 1988 Fla. App. LEXIS 3621, 1988 WL 81843

District Court of Appeal of Florida | Filed: Aug 9, 1988 | Docket: 64636253

Published

limit provided by the criminal usury statute. § 687.02, Fla. Stat. (1985). The legal effect of that determination

Brook v. Pasternak

498 So. 2d 1048, 11 Fla. L. Weekly 2651, 1986 Fla. App. LEXIS 10936

District Court of Appeal of Florida | Filed: Dec 16, 1986 | Docket: 64623675

Published

per cent per annum and usurious as defined by section 687.02(1), Florida Statutes (1985). See Swanson v

Kerper v. NCNB National Bank of Florida

496 So. 2d 199, 11 Fla. L. Weekly 2197, 1986 Fla. App. LEXIS 10052

District Court of Appeal of Florida | Filed: Oct 15, 1986 | Docket: 64622363

Published

interest of 20.6% per annum and, therefore, under section 687.02, Florida Statutes, the transaction was usurious

Rodgers v. Fallon (In re Fallon)

29 B.R. 491, 1983 Bankr. LEXIS 6595, 10 Bankr. Ct. Dec. (CRR) 1054

United States Bankruptcy Court, M.D. Florida | Filed: Mar 17, 1983 | Docket: 65778447

Published

to any further inquiry. Pursuant to Fla.Stat. § 687.02 (1981), interest on judgments accrues at the rate

Wasman v. Rubinson

341 So. 2d 802, 1977 Fla. App. LEXIS 15139

District Court of Appeal of Florida | Filed: Jan 18, 1977 | Docket: 64556751

Published

civilly usurious in violation of Florida Statutes § 687.02. The court also found that the borrowers had failed