687.02
“Usurious contracts” defined.
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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.
Notes of Decisions
Cited in 48
cases (9 in the last 5 years), 1965–2025 · leading case: McKenzie Check Advance of Florida v. Betts
McKenzie Check Advance of Florida v. Betts (2006)
“" § 687.02, Fla. Stat. (1997). As a result, like the Fourth District and Judge Griffin, we conclude that the deferred deposit transactions involved herein are not "check cashing" transactions and are not governed by the Money Transmitters' Code enacted in 1994.”
Woodgate Development Corp. v. Hamilton Investment Trust (1977)
“In 1965, Chapter 687 provided in pertinent part as follows: Section 687.02, Florida Statutes, defined usurious contracts and provided that any contract, other than that of a corporation, for interest at a higher rate than 10 percent per annum was usurious, and any contract…”
L'Arbalete, Inc. v. Zaczac (2007)
“Section 687.02(1), Florida Statutes, provides that “[a]ll contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt at a higher rate *1324 of interest [than provided by law] are hereby declared…”
Diane N. Resnick v. KrunchCash, LLC (2022)
“In their Amended Complaint, Plaintiffs allege, among other state law claims, that the Funding Agreements be- tween Plaintiffs and Defendants are usurious under Fla. Stat. §§ 687.02 et seq., and that the Maryland rules used to obtain writs of garnishment against Plaintiffs’…”
Betts v. McKenzie Check Advance of Florida, LLC (2004)
“See generally § 687.02(1), Fla. Stat. (1997) (defining "usurious contracts" as "[a]ll contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, .”
Williams v. Delray Auto Mall, Inc. (2013)
“Fla. Stat. § 687.02 (1). In order to properly state a usury claim under Florida law, there must be (1) an express or implied loan; (2) an understanding between the parties that the money lent shall be repaid; (3) a greater interest rate than is allowed by law; and (4) corrupt…”
North Am. Mtg. Investors v. Cape San Blas (1979)
“11(4), *293 the Court concluded that the intent of that subsection was only to remedy the inconsistency between permissible rates payable by an individual as maker (section 687.02) as contrasted to an individual secondarily liable (section 687.”
Rollins v. Odom (1988)
“Section 687.02, Florida Statutes defines as usurious 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…”
Brann v. Flagship Bank of Pinellas, NA (1984)
“Since the interest exceeded the 18% per annum permitted by section 687.02, Florida Statutes (1981), they contend the note was usurious, and that under section 687.”
Party Yards, Inc. v. Templeton (2000)
“§ 687.02(1). [2] An unlawful rate of interest exists when a person reserves, charges, or takes, directly or indirectly, a rate of interest exceeding that amount: [B]y way of commission for advances, discounts, or exchange, or by any contract, contrivance, or device whatever…”
Video Trax, Inc. v. NationsBank, N.A. (1998)
“The Court has also addressed the differences between a loan and a non-loan transaction, such as a simple checking' account, and has determined that honoring a check presented against an account with insufficient funds is not an extension of credit.”
Oregrund Ltd. Partnership v. Sheive (2004)
“02(1) defines usurious contracts as [a]ll 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…”
— 687.02(1) — 16 cases
McKenzie Check Advance of Florida v. Betts (2006)
“" § 687.02, Fla. Stat. (1997). As a result, like the Fourth District and Judge Griffin, we conclude that the deferred deposit transactions involved herein are not "check cashing" transactions and are not governed by the Money Transmitters' Code enacted in 1994.”
L'Arbalete, Inc. v. Zaczac (2007)
“Section 687.02(1), Florida Statutes, provides that “[a]ll contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt at a higher rate *1324 of interest [than provided by law] are hereby declared…”
Betts v. McKenzie Check Advance of Florida, LLC (2004)
“See generally § 687.02(1), Fla. Stat. (1997) (defining "usurious contracts" as "[a]ll contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, .”
Party Yards, Inc. v. Templeton (2000)
“§ 687.02(1). [2] An unlawful rate of interest exists when a person reserves, charges, or takes, directly or indirectly, a rate of interest exceeding that amount: [B]y way of commission for advances, discounts, or exchange, or by any contract, contrivance, or device whatever…”
Oregrund Ltd. Partnership v. Sheive (2004)
“02(1) defines usurious contracts as [a]ll 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…”
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