Florida Statute 687.02 | Lawyer Caselaw & Research

The 2024 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

Arrestable Offenses / Crimes under Fla. Stat. 687.02

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 687.02.

Annotations, Discussions, Cases:

Cases Citing Statute 687.02

Total Results: 20

Nolden v. Summit Fin. Corp.

Court: District Court of Appeal of Florida | Date Filed: 2018-04-25

Citation: 244 So. 3d 322

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

ADRIANNE NOLDEN v. SUMMIT FINANCIAL CORP.

Court: District Court of Appeal of Florida | Date Filed: 2018-04-25

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

Barnett v. Bank of America Corp.

Court: District Court of Appeal of Florida | Date Filed: 2010-10-13

Citation: 45 So. 3d 948, 2010 Fla. App. LEXIS 15546, 2010 WL 3984884

Snippet: certain to result in injury or death.’ ” Id. at 687.2 In this case the plaintiff relies on the second

Bonilla v. Yale Mortgage Corp.

Court: District Court of Appeal of Florida | Date Filed: 2009-08-12

Citation: 15 So. 3d 943, 2009 Fla. App. LEXIS 11237, 2009 WL 2448142

Snippet: as it exceeds the 18% permitted by law. See ง 687.02(1), Fla. Stat. (2008) (providing that "[a]ll contracts

Minalla v. Equinamics Corp.

Court: District Court of Appeal of Florida | Date Filed: 2007-03-21

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

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

McKenzie Check Advance of Florida v. Betts

Court: Supreme Court of Florida | Date Filed: 2006-04-27

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

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

Betts v. McKenzie Check Advance of Florida, LLC

Court: District Court of Appeal of Florida | Date Filed: 2004-08-11

Citation: 879 So. 2d 667, 2004 WL 1779079

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

Oregrund Ltd. Partnership v. Sheive

Court: District Court of Appeal of Florida | Date Filed: 2004-05-07

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

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

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

Court: District Court of Appeal of Florida | Date Filed: 2001-12-17

Citation: 801 So. 2d 310, 2001 WL 1598366

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

Ago

Court: Florida Attorney General Reports | Date Filed: 2000-05-01

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

Party Yards, Inc. v. Templeton

Court: District Court of Appeal of Florida | Date Filed: 2000-01-07

Citation: 751 So. 2d 121, 2000 WL 6143

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

State v. Inland Protection Financing Corp.

Court: Supreme Court of Florida | Date Filed: 1997-10-02

Citation: 699 So. 2d 1352, 1997 WL 602704

Snippet: argument and validated the bonds. 699 So.2d at 686-687. [2] Section 376.3075 provides in part as follows:

Southeast Bank, NA v. Almeida

Court: District Court of Appeal of Florida | Date Filed: 1997-05-07

Citation: 693 So. 2d 1015, 1997 WL 227471

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

OAKLAND EAST MANORS CONDO. v. La Roza

Court: District Court of Appeal of Florida | Date Filed: 1996-03-20

Citation: 669 So. 2d 1138, 1996 WL 123163

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

General Storage Corp. v. Federal Deposit Insurance Corp.

Court: District Court of Appeal of Florida | Date Filed: 1992-03-17

Citation: 594 So. 2d 875, 1992 Fla. App. LEXIS 2697, 1992 WL 48895

Snippet: loan, as here, in excess of $500,000. Sections 687.02, 687.071, Fla.Stat. (1989). Again, we have considered

Polakoff v. State

Court: District Court of Appeal of Florida | Date Filed: 1991-08-08

Citation: 586 So. 2d 385, 1991 WL 148349

Snippet: of illegal gambling and usurious debts. Sections 687.02 and 687.03 define contracts for interest in excess

Pasternak v. Brook

Court: District Court of Appeal of Florida | Date Filed: 1988-08-09

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

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

Rollins v. Odom

Court: District Court of Appeal of Florida | Date Filed: 1988-01-12

Citation: 519 So. 2d 652, 1988 WL 800

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

Brook v. Pasternak

Court: District Court of Appeal of Florida | Date Filed: 1986-12-16

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

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

Kerper v. NCNB National Bank of Florida

Court: District Court of Appeal of Florida | Date Filed: 1986-10-15

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

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