Florida Statute 687.03 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 687
INTEREST AND USURY; LENDING PRACTICES

View Entire Chapter

F.S. 687.03

687.03 “Unlawful rates of interest” defined; proviso.—

(1) Except as provided herein, it shall be usury and unlawful for any person, or for any agent, officer, or other representative of any person, to reserve, charge, or take for any loan, advance of money, line of credit, forbearance to enforce the collection of any sum of money, or other obligation a rate of interest greater than the equivalent of 18 percent per annum simple interest, either directly or indirectly, by way of commission for advances, discounts, or exchange, or by any contract, contrivance, or device whatever whereby the debtor is required or obligated to pay a sum of money greater than the actual principal sum received, together with interest at the rate of the equivalent of 18 percent per annum simple interest. However, if any loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or obligation exceeds $500,000 in amount or value, it shall not be usury or unlawful to reserve, charge, or take interest thereon unless the rate of interest exceeds the rate prescribed in s. 687.071. The provisions of this section shall not apply to sales of bonds in excess of $100 and mortgages securing the same, or money loaned on bonds.

(2)(a) The provisions of this section and of s. 687.02 shall not apply to loans or other advances of credit made pursuant to:

1. A commitment to insure by the Federal Housing Administration.

2. A commitment to guarantee by the United States Department of Veterans Affairs.

3. A commitment to purchase a loan issued by the Federal National Mortgage Association; Government National Mortgage Association; Federal Home Loan Mortgage Corporation; any department, agency, or instrumentality of the Federal Government; or any successor of any of them, pursuant to any provision of the acts of Congress or federal regulations.

(b) This act shall apply only to loans or advances of credit made subsequent to the effective date of this act. All present laws shall remain in full force and effect as to loans or advances of credit made prior to the effective date of this act.

(c) Notwithstanding any other provision of this section, any lessor or merchant, or any person who lends money or extends any other form of credit, who is regularly engaged in the business of selling or leasing merchandise, goods, or services which are for other than personal, family, or household purposes, or any assignee of such lessor, merchant, or person who lends money or extends any other form of credit, who is the holder of a commercial installment contract, each of which persons or entities is subject to the laws of any jurisdiction of the United States, any state, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or insular possession of the United States, may, if the contract so provides, charge a delinquency charge on each installment which is in default for a period of not less than 10 days in an amount not in excess of 5 percent of such installment. However, only one such delinquency charge may be collected on any installment, regardless of the period during which it remains in default. A delinquency charge imposed pursuant to this paragraph shall not be deemed interest or a finance charge made incident to or as a condition to the grant of the loan or other extension of credit and shall not be included in determining the limit on charges, as provided by this section, which may be made in connection with the loan or other extension of credit as provided by law of this state.

(3) For the purpose of this chapter, the rate of interest on any loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or other obligation to pay interest shall be determined and computed upon the assumption that the debt will be paid according to the agreed terms, whether or not said loan, advance of money, line of credit, forbearance to enforce collection of a debt, or other obligation is paid or collected by court action prior to its term, and any payment or property charged, reserved, or taken as an advance or forbearance, which is in the nature of, and taken into account in the calculation of, interest shall be valued as of the date received and shall be spread over the stated term of the loan, advance of money, line of credit, forbearance to enforce collection of a debt, or other obligation for the purpose of determining the rate of interest. The spreading of any such advance or forbearance for the purpose of computing the rate of interest shall be calculated by first computing the advance or forbearance as a percentage of the total stated amount of such loan, advance of money, line of credit, forbearance to enforce collection of a debt, or other obligation. This percentage shall then be divided by the number of years, and fractions thereof, of the loan, advance of money, line of credit, forbearance to enforce collection of a debt, or other obligation according to its stated maturity date, without regard to early maturity in the event of default. The resulting annual percentage rate shall then be added to the stated annual percentage rate of interest to produce the effective rate of interest for purposes of this chapter. Moreover, for the purposes of this chapter, a loan, advance of money, line of credit, forbearance, or other obligation shall be deemed to exceed $500,000 in amount or value if:

(a) The outstanding principal indebtedness of such loan, advance of money, line of credit, forbearance, or other obligation initially exceeds $500,000; or

(b) The aggregate principal indebtedness of such loan, advance of money, line of credit, forbearance, or other obligation may reasonably be expected to exceed $500,000 during the term thereof, notwithstanding the fact that less than that amount in the aggregate is initially or at any time thereafter advanced in one transaction or a series of related transactions; or

(c) Such loan, advance of money, line of credit, forbearance, or other obligation exceeds $500,000 at any time, notwithstanding the fact that such indebtedness is or is not subsequently reduced to less than $500,000 and thereafter additional amounts are advanced in one transaction or a series of related transactions which in the aggregate do not exceed $500,000.

(4) If, as provided in subsection (3), a loan, advance of money, line of credit, forbearance, or other obligation exceeds $500,000, then, for the purposes of this chapter, interest on that loan, advance of money, line of credit, forbearance, or other obligation shall not include the value of property charged, reserved, or taken as an advance or forbearance, the value of which substantially depends on the success of the venture in which are used the proceeds of that loan, advance of money, line of credit, forbearance, or other obligation. Stock options and interests in profits, receipts, or residual values are examples of the type of property the value of which would be excluded from calculation of interest under the preceding sentence.

(5) 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. 2, ch. 4022, 1891; GS 3105; s. 2, ch. 5960, 1909; RGS 4851; CGL 6938; s. 2, ch. 29705, 1955; s. 1, ch. 70-331; s. 2, ch. 73-298; s. 1, ch. 74-232; ss. 1, 2, ch. 76-124; s. 1, ch. 77-374; s. 1, ch. 78-211; ss. 13, 15, ch. 79-274; s. 258, ch. 79-400; s. 1, ch. 79-592; s. 2, ch. 80-310; s. 34, ch. 93-268; s. 4, ch. 95-234.

F.S. 687.03 on Google Scholar

F.S. 687.03 on CourtListener

Amendments to 687.03

Annotations, Discussions, Cases:

Cases Citing Statute 687.03

Total Results: 89

St. Petersburg Bank & Trust Co. v. Hamm

414 So. 2d 1071, 1982 Fla. LEXIS 2436

Supreme Court of Florida | Filed: May 13, 1982 | Docket: 146421

Cited 81 times | Published

cap then in effect. The trial court applied section 687.03(3), Florida Statutes (1977), the spreading

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

rate than 15 percent per annum was usurious. Section 687.03, Florida Statutes, defined unlawful rates of

Holland v. Gross

89 So. 2d 255, 63 A.L.R. 2d 920

Supreme Court of Florida | Filed: Jun 13, 1956 | Docket: 518283

Cited 38 times | Published

by the individual plaintiff, pursuant to F.S. § 687.03, and § 687.04, F.S.A. The Complaint alleges that

Tel Service Co. v. General Capital Corporation

227 So. 2d 667

Supreme Court of Florida | Filed: Oct 29, 1969 | Docket: 1390348

Cited 32 times | Published

lender wilfully violating the provisions of Section 687.03 shall forfeit the entire interest so charged

Continental Mortg. Investors v. Sailboat Key, Inc.

395 So. 2d 507

Supreme Court of Florida | Filed: Feb 12, 1981 | Docket: 371922

Cited 28 times | Published

sale of bonds, or mortgages on those bonds, section 687.03(1), Florida Statutes (1975), or to the transfers

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

percent per annum simple interest. (Emphasis added) § 687.03(1), Fla. Stat. In usury cases, courts look to

Kraft v. Mason

668 So. 2d 679, 1996 WL 81785

District Court of Appeal of Florida | Filed: Feb 28, 1996 | Docket: 1686994

Cited 21 times | Published

rate of greater than 18% and less than 25%. See § 687.03, Fla.Stat. (1993). Criminal usury involves any

Fogg v. Southeast Bank, NA

473 So. 2d 1352, 10 Fla. L. Weekly 1746

District Court of Appeal of Florida | Filed: Jul 17, 1985 | Docket: 451695

Cited 16 times | Published

and then again in 1977, the usury statute (section 687.03, Florida Statutes) was amended. The appellate

Jersey Palm-Gross, Inc. v. Paper

658 So. 2d 531, 20 Fla. L. Weekly Supp. 389, 1995 Fla. LEXIS 1154, 1995 WL 424434

Supreme Court of Florida | Filed: Jul 20, 1995 | Docket: 439486

Cited 15 times | Published

loan. Second, and more importantly, however, section 687.03(3), Florida Statutes (1993), in pertinent part

River Hills, Inc. v. Edwards

190 So. 2d 415

District Court of Appeal of Florida | Filed: Sep 23, 1966 | Docket: 1313512

Cited 15 times | Published

the interest forfeiture provisions of F.S. Section 687.03, F.S.A., and also in excess of 25% under the

Kay v. Amendola

129 So. 2d 170

District Court of Appeal of Florida | Filed: Mar 24, 1961 | Docket: 1471060

Cited 15 times | Published

body of the law into action. In the words of F.S. § 687.03, F.S.A., "It shall be usury and unlawful for any

Mindlin v. Davis

74 So. 2d 789

Supreme Court of Florida | Filed: Sep 28, 1954 | Docket: 1269429

Cited 15 times | Published

person, willfully violating the provisions of § 687.03 shall forfeit the entire interest so charged,

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

this chapter. § 687.03(3), Fla.Stat. (emphasis added). The clear language of § 687.03(3) refers to the

Rebman v. FLAGSHIP FIRST NAT. BANK

472 So. 2d 1360, 10 Fla. L. Weekly 1827

District Court of Appeal of Florida | Filed: Jul 26, 1985 | Docket: 1793484

Cited 14 times | Published

fourth. Looking first at the third element, section 687.03(1) defines unlawful rates of interest as: Except

Curtiss National Bank of Miami Springs v. Solomon

243 So. 2d 475, 1971 Fla. App. LEXIS 5434

District Court of Appeal of Florida | Filed: Feb 2, 1971 | Docket: 539836

Cited 14 times | Published

the court found was usurious, in violation of § 687.03 Fla. Stat., F.S.A. That section of the statute

Stoutamire v. North Florida Loan Association

11 So. 2d 570, 152 Fla. 321, 1943 Fla. LEXIS 903

Supreme Court of Florida | Filed: Jan 26, 1943 | Docket: 3272061

Cited 14 times | Published

whatever. . . ." Section 6938, C.G.L., 1927, now Section 687.03, Florida Statutes, 1941. This court has said

Feemster v. Schurkman

291 So. 2d 622

District Court of Appeal of Florida | Filed: Mar 12, 1974 | Docket: 1704806

Cited 12 times | Published

the transaction is clearly usurious. Fla. Stat. § 687.03, F.S.A. Hence, plaintiff-appellee has forfeited

Golden Door Jewelry Creations, Inc. v. Lloyds Underwriters

758 F. Supp. 708, 1991 U.S. Dist. LEXIS 2490, 1991 WL 27771

District Court, S.D. Florida | Filed: Feb 21, 1991 | Docket: 1384867

Cited 11 times | Published

per annum," and since later sections, including § 687.03(1) mentions "18 percent per annum simple interest

Jersey Palm-Gross, Inc. v. Paper

639 So. 2d 664, 1994 WL 316654

District Court of Appeal of Florida | Filed: Jul 6, 1994 | Docket: 1712613

Cited 10 times | Published

rate of greater than 18% and less than 25%. See § 687.03, Fla. Stat. (1993). Criminal usury involves any

Brown v. Home Credit Co.

137 So. 2d 887

District Court of Appeal of Florida | Filed: Feb 9, 1962 | Docket: 115676

Cited 10 times | Published

in excess of that permitted to be charged under § 687.03, F.S.A. The extent of usury, however, was found

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

success of the venture within the meaning of Section 687.03, Florida Statutes (1975); (3) that the modification

Lee Construction Corp. v. Newman

143 So. 2d 222

District Court of Appeal of Florida | Filed: Jul 3, 1962 | Docket: 1319330

Cited 9 times | Published

appellant is entitled to prevail on both points. Section 687.03, Fla. Stat., F.S.A., provides it shall be usury

Lee Construction Corp. v. Newman

143 So. 2d 222

District Court of Appeal of Florida | Filed: Jul 3, 1962 | Docket: 1319330

Cited 9 times | Published

appellant is entitled to prevail on both points. Section 687.03, Fla. Stat., F.S.A., provides it shall be usury

Stewart v. Nangle

103 So. 2d 649

District Court of Appeal of Florida | Filed: Jun 4, 1958 | Docket: 1412906

Cited 9 times | Published

(10%) per cent and is clearly in violation of Section 687.03 of the 1955 Laws of Florida [F.S.A.]. The mortgage

Coral Reef Drive Land Development, LLC v. Duke Realty Ltd. Partnership

45 So. 3d 897, 2010 Fla. App. LEXIS 14010, 2010 WL 3655812

District Court of Appeal of Florida | Filed: Sep 22, 2010 | Docket: 110011

Cited 8 times | Published

loan did not violate the Florida usury law. See § 687.03, Fla. Stat. (2005). The properly was appraised

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

interest which, when calculated pursuant to section 687.03(3), Florida Statutes, amounted to an effective

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

the legal rate of interest chargeable under section 687.03, Florida Statutes (1975). Citing to Dixon v

Antonelli v. Neumann

537 So. 2d 1027, 1988 WL 138564

District Court of Appeal of Florida | Filed: Dec 27, 1988 | Docket: 2507383

Cited 7 times | Published

statutory legal interest limit of 18% per annum. § 687.03, Fla. Stat. (Supp. 1980). The Antonellis remitted

Bailey v. Harrington

462 So. 2d 861, 10 Fla. L. Weekly 303

District Court of Appeal of Florida | Filed: Jan 29, 1985 | Docket: 449560

Cited 7 times | Published

statutes as not constituting additional interest, § 687.03(4), Fla. Stat. (1983), and has long been approved

Sumner v. Inv. Mortgage Co. of Fla.

332 So. 2d 103

District Court of Appeal of Florida | Filed: May 12, 1976 | Docket: 1314199

Cited 7 times | Published

because even if Investment technically violated Section 687.03, Florida Statutes, there was no clear showing

Ross v. Whitman

181 So. 2d 701

District Court of Appeal of Florida | Filed: Jan 11, 1966 | Docket: 1654042

Cited 7 times | Published

guilty of "wilfully violating the provisions of § 687.03 [Fla. Stat., F.S.A.] and was without any corrupt

Gilbert v. Doris R. Corporation

111 So. 2d 682

District Court of Appeal of Florida | Filed: May 7, 1959 | Docket: 1427881

Cited 7 times | Published

represents a wilful violation of the provisions of § 687.03, to receive credit for or recover double the amount

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

in s. 687.071. (Emphasis added) Similarly, section 687.03(1), which defines unlawful rates of interests

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

spread over the entire term of the loan under Section 687.03, Florida Statutes. To the contrary SAC contends

Ellis Nat. Bank of Tallahassee v. Davis

359 So. 2d 466

District Court of Appeal of Florida | Filed: Apr 28, 1978 | Docket: 1735607

Cited 6 times | Published

cent exceeded the maximum legal rate allowed by F.S. 687.03. As above stated the parties also stipulated

Dezell v. King

91 So. 2d 624

Supreme Court of Florida | Filed: Dec 19, 1956 | Docket: 1332332

Cited 6 times | Published

A. prescribes the penalty for violation of Section 687.03 and provides that any one who wilfully violates

Ayvas v. Green

57 So. 2d 30, 1952 Fla. LEXIS 1049

Supreme Court of Florida | Filed: Feb 22, 1952 | Docket: 550231

Cited 6 times | Published

referred to in this opinion as "criminal usury." Section 687.03 provides that "It shall be * * * unlawful for

Cash Cow Services of Florida LLC v. United States Trustee (In Re Cash Cow Services of Florida LLC)

296 F.3d 1261, 2002 U.S. App. LEXIS 14040, 39 Bankr. Ct. Dec. (CRR) 219, 2002 WL 1491629

Court of Appeals for the Eleventh Circuit | Filed: Jul 12, 2002 | Docket: 397456

Cited 5 times | Published

percent per year interest ceiling. Fla. Stat. § 687.03 (1999). Cash Cow could charge up to twenty-two

First Am. Bank v. Windjammer Time Sharing

483 So. 2d 732

District Court of Appeal of Florida | Filed: Jan 15, 1986 | Docket: 1511928

Cited 5 times | Published

the eighteen percent usury ceiling imposed by section 687.03, Florida Statutes (1983). The bank answered

Swanson v. Gulf West Intern. Corp.

429 So. 2d 817, 1983 Fla. App. LEXIS 19088

District Court of Appeal of Florida | Filed: Apr 13, 1983 | Docket: 1221717

Cited 5 times | Published

alleged ground of usury, the Swansons rely upon section 687.03(1), Florida Statutes (1979). That section provides

Sodi, Inc. v. Salitan

68 So. 2d 882

Supreme Court of Florida | Filed: Dec 8, 1953 | Docket: 208155

Cited 5 times | Published

determined from the law as we find it now. Section 687.03, Florida Statutes 1951, F.S.A., provides: "687

Hembree v. Bradley

528 So. 2d 116, 1988 WL 72167

District Court of Appeal of Florida | Filed: Jul 13, 1988 | Docket: 1367120

Cited 4 times | Published

forfeited and only the principal can be enforced. § 687.03(1), Fla. Stat. (1985). Interest at a rate exceeding

Gordon v. West Florida Enterprises of Pensacola, Inc.

177 So. 2d 859

District Court of Appeal of Florida | Filed: Aug 19, 1965 | Docket: 547741

Cited 4 times | Published

reserved exceeded 15% per annum in violation of Section 687.03, Florida Statutes, F.S.A., which makes it unlawful

Szenay v. Schaub

496 So. 2d 883, 11 Fla. L. Weekly 2221

District Court of Appeal of Florida | Filed: Oct 15, 1986 | Docket: 1522731

Cited 3 times | Published

with the penalty provisions of the usury statute. § 687.03, Fla. Stat. (1985). Appellees respond that they

Beausejour Corp. v. Offshore Development Corp. (In Re Offshore Development Corp.)

37 B.R. 96, 1984 Bankr. LEXIS 6380

United States Bankruptcy Court, M.D. Florida | Filed: Jan 23, 1984 | Docket: 1114116

Cited 3 times | Published

if the provisions of § 687.03 are violated. The difficulty arises because § 687.03(1) provides in, pertinent

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

provisions of § 687.02, Florida Statutes, F.S.A., and § 687.03, Florida Statutes, F.S.A., having to do with usury

Velletri v. Dixon

44 So. 3d 187, 2010 Fla. App. LEXIS 13413, 2010 WL 3515674

District Court of Appeal of Florida | Filed: Sep 10, 2010 | Docket: 2540772

Cited 2 times | Published

calculations required by the plain language of section 687.03, Florida Statutes (2006), establish that the

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

loan or identified advance of money. Fla. Stat. § 687.03(1). However, Section 687.04 provides that the

RLS BUSINESS VENTURES, INC. v. Second Chance Wholesale, Inc.

779 So. 2d 421, 2000 WL 1505007

District Court of Appeal of Florida | Filed: Oct 11, 2000 | Docket: 420285

Cited 2 times | Published

that was actually submitted to a jury, usury. Section 687.03, Florida Statutes (1995), defines usury as

Silverstein v. Wakefield

112 So. 2d 406

District Court of Appeal of Florida | Filed: May 21, 1959 | Docket: 1323010

Cited 2 times | Published

with the object of avoiding the provisions of Section 687.03, Florida Statutes [F.S.A.], relating to usury

Northwood SG, LLC v. Builder Financial Corp.

76 So. 3d 3, 2011 Fla. App. LEXIS 14558, 2011 WL 4056160

District Court of Appeal of Florida | Filed: Sep 14, 2011 | Docket: 60304487

Cited 1 times | Published

So.2d 1071, 1074 (Fla.1982) (section 687.03(3) supersedes section 687.03(1) “when an advance is required

Official Committee of Unsecured Creditors Ex Rel. Markham v. Lerner (In Re Diagnostic Instrument Group, Inc.)

276 B.R. 302, 15 Fla. L. Weekly Fed. B 135, 2002 Bankr. LEXIS 361, 39 Bankr. Ct. Dec. (CRR) 118, 2002 WL 654321

United States Bankruptcy Court, M.D. Florida | Filed: Apr 19, 2002 | Docket: 1477081

Cited 1 times | Published

("Lerner Dep."), at 18-19. [2] Under Fla. Stat. § 687.03, it is "usury" and therefore unlawful for any

Stein v. Lavay (In Re Omni Capital Group, Ltd.)

157 B.R. 712, 1993 Bankr. LEXIS 1096

United States Bankruptcy Court, S.D. Florida. | Filed: May 6, 1993 | Docket: 1740834

Cited 1 times | Published

Defendant to Omni. I. Turnover: Usury. Under Fla.Stat. § 687.03, it is "usury" and therefore unlawful for any

Polakoff v. State

586 So. 2d 385, 1991 WL 148349

District Court of Appeal of Florida | Filed: Aug 8, 1991 | Docket: 1487824

Cited 1 times | Published

that interest charged in willful violation of section 687.03 (interest in excess of 18% per annum) is forfeited

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

usurious as that term is defined by Florida Statutes § 687.03(4). Therefore, the entire obligation under Paragraph

Suncrete Corp. v. Glusman (In Re Suncrete Corp.)

100 B.R. 102, 21 Collier Bankr. Cas. 2d 185, 1989 Bankr. LEXIS 787, 1989 WL 54434

United States Bankruptcy Court, M.D. Florida | Filed: May 18, 1989 | Docket: 1744553

Cited 1 times | Published

person, willfully violating the provisions of § 687.03 shall forfeit the entire interest so charged,

Credit Alliance Corp. v. Timmco Equip., Inc.

507 So. 2d 657

District Court of Appeal of Florida | Filed: Apr 22, 1987 | Docket: 459887

Cited 1 times | Published

penalty of double the interest received. However, section 687.03(2)(b), Florida Statutes (1981), expressly provides

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

Florida Usury Law and is unenforceable. F.S.A. § 687. 03. I. The Facts Debtors borrowed $13,453.40 from

Hool v. Rydholm

467 So. 2d 1038, 10 Fla. L. Weekly 755

District Court of Appeal of Florida | Filed: Mar 20, 1985 | Docket: 1680444

Cited 1 times | Published

which was more than the statutory rate of 18%. § 687.03, Fla. Stat. (1981). We disagree with Hool's contentions

Haddock v. Marlin

458 So. 2d 848

District Court of Appeal of Florida | Filed: Nov 8, 1984 | Docket: 1452341

Cited 1 times | Published

highest lawful rate according to statute was 25%. § 687.03(1), Fla. Stat. (1981). The trial judge also awarded

Hamm v. ST. PETERSBURG BK. & TR. CO.

379 So. 2d 1300

District Court of Appeal of Florida | Filed: Feb 8, 1980 | Docket: 1681261

Cited 1 times | Published

interest the loan would not be usurious under Section 687.03(3), Florida Statutes. In so doing, the lower

Catogas v. Southern Fed. Sav. & Loan Ass'n

369 So. 2d 922, 1979 Fla. LEXIS 4553

Supreme Court of Florida | Filed: Feb 1, 1979 | Docket: 470838

Cited 1 times | Published

and which amounted to usury in violation of section 687.03, Florida Statutes (1975). They alleged that

Abramowitz v. Barnett Bank of West Orlando

356 So. 2d 329, 1978 Fla. App. LEXIS 14881

District Court of Appeal of Florida | Filed: Jan 24, 1978 | Docket: 1479063

Cited 1 times | Published

chargeable to an individual was 10%. Fla. Stat. § 687.03 (1973). Treating the $4,000.00 as interest, therefore

WB Dunn Co., Inc. v. Mercantile Credit Corporation

275 So. 2d 311, 1973 Fla. App. LEXIS 7066

District Court of Appeal of Florida | Filed: Apr 3, 1973 | Docket: 1726804

Cited 1 times | Published

person, willfully violating the provisions of § 687.03; Florida Statutes, F.S.A. First, usury is largely

Travers v. Tilton

134 So. 2d 807

District Court of Appeal of Florida | Filed: Nov 17, 1961 | Docket: 60220877

Cited 1 times | Published

under Florida Statutes, Chapter 687, F.S.A. Section 687.03, F.S.A. provides that when a creditor makes

GULAM JAFFER v. 153 REHC LLC, etc.

District Court of Appeal of Florida | Filed: Jun 1, 2022 | Docket: 63352034

Published

years for “[a]n action to foreclose a mortgage.”); § 687.03, Fla. Stat. (noting “if any loan, . . . or obligation

J.E. BLEY OVERSEAS TRADE OF SOUTH FLORIDA, INC., etc. v. IMMOKALEE REAL ESTATE HOLDINGS, LLC, etc.

District Court of Appeal of Florida | Filed: Feb 16, 2022 | Docket: 63008227

Published

methodology for computing interest pursuant to section 687.03(3), Florida Statutes); Rebman v. Flagship First

ELIAS MARCHELOS and MARTHA MARCHELOS v. AMILCAR J. ADAO

District Court of Appeal of Florida | Filed: Apr 28, 2021 | Docket: 59860113

Published

equivalent of 18 percent per annum simple interest. § 687.03(1), Fla. Stat. (2004); see also N. Dade Church

Courtney M. Fernandez and Ellis T. Fernandez v. Manning Building Supplies, Inc.

District Court of Appeal of Florida | Filed: Sep 25, 2019 | Docket: 16243485

Published

credit as provided by law of this state. § 687.03(2)(c), Fla. Stat. (Emphasis added). Distinguishing

8699 Biscayne, LLC v. Indigo Real Estate, LLC (In Re 8699 Biscayne, LLC)

465 B.R. 901, 2011 Bankr. LEXIS 3380

United States Bankruptcy Court, S.D. Florida. | Filed: Sep 6, 2011 | Docket: 2065473

Published

the usury formulas found in Florida Statute Section 687.03(3) and further enumerated by the Florida Supreme

In Re Transcapital Financial Corp.

433 B.R. 900, 72 A.L.R. 6th 705, 22 Fla. L. Weekly Fed. B 528, 2010 Bankr. LEXIS 2513, 53 Bankr. Ct. Dec. (CRR) 143, 2010 WL 3055092

United States Bankruptcy Court, S.D. Florida. | Filed: Jul 30, 2010 | Docket: 1782930

Published

First, the Liquidating Agent relied on Fla. Stat. § 687.03(4), which provides as follows: If, as provided

Ago

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

Published

exceeding 25 percent per annum is criminal usury.3 Section 687.03(1), Florida Statutes, states that an unlawful

Hibbs v. Perry

581 So. 2d 235, 1991 Fla. App. LEXIS 5373, 1991 WL 98041

District Court of Appeal of Florida | Filed: Jun 12, 1991 | Docket: 64659485

Published

Accordingly, under the criteria set forth in Florida Statute 687.03(1) the transaction was usurious.... The

First American Bank v. International Medical Centers, Inc.

565 So. 2d 1369, 1990 Fla. App. LEXIS 5319, 1990 WL 103690

District Court of Appeal of Florida | Filed: Jul 19, 1990 | Docket: 64652632

Published

discounted in value due to the delay in payment. Section 687.03(3), Florida Statutes (1987), specifically provides

Cupeiro v. Baron

555 So. 2d 370, 14 Fla. L. Weekly 2399, 1989 Fla. App. LEXIS 5698, 1989 WL 118934

District Court of Appeal of Florida | Filed: Oct 10, 1989 | Docket: 64647482

Published

Pasternak v. Brook, 528 So.2d 1354 (Fla. 3d DCA 1988); § 687.03, Fla.Stat. (1987). Treated alternatively as a

National Fund Managers, Inc. v. Ragan

532 So. 2d 1100, 1988 Fla. App. LEXIS 4439, 1988 WL 100924

District Court of Appeal of Florida | Filed: Oct 4, 1988 | Docket: 64638043

Published

PER CURIAM. Affirmed. See § 687.03(3), Fla.Stat. (1985).

Thomasson v. Money Store/Florida, Inc.

464 So. 2d 1309, 10 Fla. L. Weekly 680, 1985 Fla. App. LEXIS 12939

District Court of Appeal of Florida | Filed: Mar 13, 1985 | Docket: 64610466

Published

exempt from the usury statute by operation of Section 687.-03(2)(a)(3). The trial court entered summary final

Cerrito v. Kovitch

423 So. 2d 1008, 1982 Fla. App. LEXIS 22198

District Court of Appeal of Florida | Filed: Dec 29, 1982 | Docket: 64594112

Published

the basis of a violation of the usury statute. § 687.03, Fla.Stat. (1977). Apparently in reliance on Smith

Ross v. Barnett

422 So. 2d 1040, 1982 Fla. App. LEXIS 21855

District Court of Appeal of Florida | Filed: Nov 30, 1982 | Docket: 64593761

Published

FERGUSON, Judge. Section 687.03(5)(a), Florida Statutes (1979) which raised the legal interest rate

Mickler v. Maranatha Realty Associates, Inc. (In re Mickler)

20 B.R. 346, 1982 Bankr. LEXIS 4205

United States Bankruptcy Court, M.D. Florida | Filed: May 3, 1982 | Docket: 65778175

Published

rate of interest at that time was 10%. See, Fla. Stat. 687.03(1) (1977). However, this statutory section

U. P. C., Inc. v. Intercontinental Bank

410 So. 2d 554, 1982 Fla. App. LEXIS 19189

District Court of Appeal of Florida | Filed: Feb 9, 1982 | Docket: 64588245

Published

2d 667 (Fla.1969). 4. The present Usury Act, Section 687.03 F.S.F.S.A. (1980) condemns as usurious as applied

In re Verdini's Enterprises Inc.

13 B.R. 739, 1981 Bankr. LEXIS 3103

United States Bankruptcy Court, S.D. Florida. | Filed: Aug 21, 1981 | Docket: 65777967

Published

loan was 46 percent and therefore usurious under § 687.03 (civil remedy) and § 687.071 (criminal penalty)

Abramowitz v. BARNETT BANK OF WEST

394 So. 2d 1033

District Court of Appeal of Florida | Filed: Feb 4, 1981 | Docket: 1315283

Published

interest rate chargeable to an individual was 10%. Section 687.03, Florida Statutes (1973). If the 10% rate was

AM. WOOD PROD., INC. v. Walter E. Heller & Co. Southeast

358 So. 2d 1149

District Court of Appeal of Florida | Filed: May 16, 1978 | Docket: 1690882

Published

in excess of 15% per annum, in violation of Section 687.03, Florida Statutes (1975). Appellee contends

McTigue v. American Savings & Loan Ass'n

344 So. 2d 254, 1977 Fla. App. LEXIS 15258

District Court of Appeal of Florida | Filed: Mar 18, 1977 | Docket: 64557950

Published

determining the rate of interest”, under F.S. § 687.03(2); Financial Federal Savings and Loan Assn. v

Padgett v. First Federal Savings & Loan Ass'n of Lake Worth

297 So. 2d 101, 1974 Fla. App. LEXIS 6799

District Court of Appeal of Florida | Filed: Jun 7, 1974 | Docket: 64539975

Published

of interest resulting from a violation of F.S. § 687.03, F.S.A. Though the complaint improperly sought

Staros v. Avalon Shores, Inc.

249 So. 2d 448, 1971 Fla. App. LEXIS 6356

District Court of Appeal of Florida | Filed: Jun 1, 1971 | Docket: 64520956

Published

was infected with usury in violation of F.S. section 687.03, F.S.A., and therefore the basic debt, both

Young v. Wilder

77 So. 2d 604, 48 A.L.R. 2d 397

Supreme Court of Florida | Filed: Jan 25, 1955 | Docket: 64486306

Published

usurious interest on the note contrary to F.S. § 687.03, F.S.A. The complaint alleges that on January

Magee v. Crown Corporation

10 So. 2d 818, 151 Fla. 422, 1942 Fla. LEXIS 1190

Supreme Court of Florida | Filed: May 19, 1942 | Docket: 3271678

Published

6938 C.G.L., 4851, R.G.S., now appearing as Section 687.03 Florida Statutes 1941. This statute provides