Florida Statute 687.04 - 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. 687.04

687.04 Penalty for usury; not to apply in certain situations.—Any person, or any agent, officer, or other representative of any person, willfully violating the provisions of s. 687.03 shall forfeit the entire interest so charged, or contracted to be charged or reserved, and only the actual principal sum of such usurious contract can be enforced in any court in this state, either at law or in equity; and when said usurious interest is taken or reserved, or has been paid, then and in that event the person who has taken or reserved, or has been paid, either directly or indirectly, such usurious interest shall forfeit to the party from whom such usurious interest has been reserved, taken, or exacted in any way double the amount of interest so reserved, taken, or exacted. However, the penalties provided for by this section shall not apply:

(1) To a bona fide endorsee or transferee of negotiable paper purchased before maturity, unless the usurious character should appear upon its face, or unless the said endorsee or transferee shall have had actual notice of the same before the purchase of such paper, but in such event double the amount of such usurious interest may be recovered after payment, by action against the party originally exacting the same, in any court of competent jurisdiction in this state, together with an attorney’s fee, as provided in s. 687.06; or

(2) If, prior to the institution of an action by the borrower or the filing of a defense under this chapter by the borrower or receipt of written notice by the lender from the borrower that usury has been charged or collected, the lender notifies the borrower of the usurious overcharge and refunds the amount of any overcharge taken, plus interest on the overcharge taken at the maximum lawful rate in effect at the time the usurious interest was taken, to the borrower and makes whatever adjustments in the appropriate contract or account as are necessary to ensure that the borrower will not be required to pay further interest in excess of the amount permitted by s. 687.03.

History.—s. 3, ch. 4022, 1891; GS 3106; s. 3, ch. 5960, 1909; RGS 4852; CGL 6939; s. 1, ch. 79-90.

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Amendments to 687.04

Annotations, Discussions, Cases:

Cases Citing Statute 687.04

Total Results: 66

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

interest greater than 15 percent per annum. Section 687.04, Florida Statutes, provided that any person

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

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

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

to corporations are usurious and unlawful. Section 687.04 provides that any lender wilfully violating

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

transfers of negotiable paper in certain cases, section 687.04, Florida Statutes (1975). The legislature recently

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

forfeiture of the right to collect the debt. See § 687.04, Fla.Stat. (1993). In the case of either criminal

Title & Trust Co. of Florida v. Parker

468 So. 2d 520, 10 Fla. L. Weekly 1191

District Court of Appeal of Florida | Filed: May 14, 1985 | Docket: 1402732

Cited 15 times | Published

contemplates both the forfeiture of usurious interest, Section 687.04, as well as the non-enforcement of a criminally

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

as the criminal usury statute, or under F.S. Section 687.04, F.S.A., calling for forfeiture of interest

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

lenders who "willfully" violate the statute. See § 687.04, Fla. Stat. To be willful, the act must proceed

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

only on those lenders who "willfully" violate it. § 687.04, Fla. Stat. (1983). Generally, the question of

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

together with interest at the rate of ten percent. Section 687.04 Fla. Stat., F.S.A., provides that such usurious

Diversified Enterprises, Inc. v. West

141 So. 2d 27

District Court of Appeal of Florida | Filed: May 16, 1962 | Docket: 1476354

Cited 14 times | Published

S.A., rather than the civil usury statute, section 687.04 and could not recover anything in the suit

Feemster v. Schurkman

291 So. 2d 622

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

Cited 12 times | Published

principal sum at law or in equity. Fla. Stat. § 687.04, F.S.A. In addition, appellant Caribbean, the

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

forfeiture of the right to collect the debt. See § 687.04, Fla. Stat. (1993). In the case of either criminal

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

a loan in excess of ten per cent per annum. Section 687.04, F.S.A., imposes penalties for violation of

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

provided elsewhere in Chapter 687, to wit: Section 687.04, Florida Statutes (1975), which provides a

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

the case of corporations is 15% per annum. Section 687.04 provides that for wilful violation of the provisions

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

the interest actually collected, pursuant to section 687.04, Florida Statutes. The trial court further

Cerrito v. Kovitch

457 So. 2d 1021

Supreme Court of Florida | Filed: Sep 13, 1984 | Docket: 426532

Cited 8 times | Published

case the Cerritos' counterclaim was based upon section 687.04, Florida Statutes (1981), which provides in

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

applicable the double interest penalty contained in section 687.04, Florida Statutes (1975).[3] This conclusion

Beausejour Corporation, N v. V. Offshore Development Company, Inc.

802 F.2d 1319, 1986 U.S. App. LEXIS 32410

Court of Appeals for the Eleventh Circuit | Filed: Oct 20, 1986 | Docket: 804061

Cited 7 times | Published

by a timely cure notice pursuant to Fla.Stat. § 687.04(2); and (3) that, assuming the civil penalty for

Smith v. Barnett Bank of Murray Hill

350 So. 2d 358

District Court of Appeal of Florida | Filed: Sep 26, 1977 | Docket: 2007937

Cited 7 times | Published

651 (1962). The right of action afforded by Section 687.04, Florida Statutes (1975) is a right of action

Ross v. Whitman

181 So. 2d 701

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

Cited 7 times | Published

not subject to any of the penalties provided in § 687.04 F.S.A." In so holding the trial court was in error

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

subject to certain exceptions not important here. Section 687.04 permits a borrower under such a usurious contract

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

We find that point to merit our attention. F.S. 687.04 provides: "Any person, or any agent, officer

Wenck v. Insurance Agents Fin. Corp.

99 So. 2d 883

District Court of Appeal of Florida | Filed: Jan 13, 1958 | Docket: 1569893

Cited 6 times | Published

amendment instanter to add the word "wilful." See Section 687.04, Fla. Stat., F.S.A. This situation is fully

Dezell v. King

91 So. 2d 624

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

Cited 6 times | Published

received by Defendants, in accordance with Section 687.04, Florida Statutes 1951 [F.S.A.], providing

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

either directly or indirectly * * *"; and Section 687.04 provides for the forfeiture of double the amount

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

collected if a loan is found to be usurious. See § 687.04, Fla. Stat. (1983); 12 U.S.C. § 86 (1980). [2]

Hobbs v. FLORIDA FIRST NAT. BANK

480 So. 2d 153, 10 Fla. L. Weekly 2763

District Court of Appeal of Florida | Filed: Dec 16, 1985 | Docket: 1667309

Cited 4 times | Published

because the Cerritos' claim of usury was based on Section 687.04, Florida Statutes, which creates no vested

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

defendant asserted that she was entitled under Section 687.04, Florida Statutes, F.S.A., to exact against

PLANTATION VILLAGE LTD. PARTNERSHIP v. Aycock

617 So. 2d 729

District Court of Appeal of Florida | Filed: Mar 19, 1993 | Docket: 1512488

Cited 3 times | Published

corrupt intent. The "savings clause" found in section 687.04(2), and as set forth in the promissory note

Gergora v. Goldstein Professional Ass'n

500 So. 2d 695

District Court of Appeal of Florida | Filed: Jan 6, 1987 | Docket: 1295048

Cited 3 times | Published

to purge the usurious interest pursuant to section 687.04(2), Florida Statutes (1979); (c) sufficient

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

contend the note was usurious, and that under section 687.04, the entire interest should be purged. The

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

sent by Beausejour in compliance with Fla.Stat. § 687.04(2). Offshore filed a counterclaim and in Count

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

interest he had collected as a penalty pursuant to section 687.04. Velletri appealed the final judgment, contending

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

of money. Fla. Stat. § 687.03(1). However, Section 687.04 provides that the interest on loans or advances

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

equivalent of 18% per annum simple interest." Fla.Stat. § 687.04 expressly provides that when usurious interest

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

equivalent of 18% per annum simple interest." Fla.Stat. § 687.04 expressly provides that when usurious interest

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

Fla. Stat.) but also to the civil penalty in section 687.04 which provides, in effect, that interest charged

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

agrees with Suncrete. The pertinent portions of § 687.04, Florida Statutes, read as follows: Any person

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 paid pursuant to section 687.04, *659 Florida Statutes (1981). This we find

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

forfeits the entire interest so charged. F.S.A. *494 § 687.04. Only the actual principal amount due on the contract

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

monetary penalties provided for under Fla. Stat. § 687.04. A determination of whether the $4,000 mortgage

Wells v. Freedman

342 So. 2d 983

District Court of Appeal of Florida | Filed: Feb 1, 1977 | Docket: 1521198

Cited 1 times | Published

represented a penalty of double interest pursuant to Section 687.04, Florida Statutes, together with a judgment

Travers v. Tilton

134 So. 2d 807

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

Cited 1 times | Published

received plus interest at 10% it is usurious. Section 687.04 provides that whoever willfiitty violates the

Dillon v. J. W. Walter, Inc.

98 So. 2d 391

District Court of Appeal of Florida | Filed: Nov 5, 1957 | Docket: 64489770

Cited 1 times | Published

alleged usurers the consequences provided in Section 687.04, Florida Statutes, F.S.A. The defendants below

Speier v. Monnah Park Block Co.

84 So. 2d 697

Supreme Court of Florida | Filed: Dec 2, 1955 | Docket: 64487515

Cited 1 times | Published

face amounts. We are aware of the provision in Section 687.04, Florida Statutes 1951, and F.S.A., that in

Adolfo Pazmino Lopez v. Mel-Mont Medical, LLC

District Court of Appeal of Florida | Filed: Oct 16, 2024 | Docket: 69265881

Published

Florida Statutes, with the “civil” usury statute, § 687.04, Florida Statutes. Because Mel-Mont, LLC brought

Beck-Ford Construction, LLC v. TCA Global Credit Master Fund, LP

240 F. Supp. 3d 1256, 2017 U.S. Dist. LEXIS 32281, 2017 WL 2366472

District Court, S.D. Florida | Filed: Mar 6, 2017 | Docket: 64313157

Published

“purge” agreement in a private contract under Section 687.04(2) and Florida law applicable to stipulations

Plantation Village Ltd. Partnership of Sanibel v. Aycock

617 So. 2d 729, 1993 Fla. App. LEXIS 3006, 1993 WL 75795

District Court of Appeal of Florida | Filed: Mar 19, 1993 | Docket: 64695865

Published

corrupt intent. The “savings clause” found in section 687.04(2), and as set forth in the promissory note

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

Warren, 451 S.W.2d 921 (Tex.Civ.App.1970); compare § 687.04, Fla. Stat. (1985) (precluding forfeiture of interest

Medina v. Lamonica

492 So. 2d 809, 11 Fla. L. Weekly 1765, 1986 Fla. App. LEXIS 9264

District Court of Appeal of Florida | Filed: Aug 12, 1986 | Docket: 64621039

Published

double interest penalty for usury pursuant to section 687.04, Florida Statutes (1981)) plus taxable costs

Sun Bank of Tampa Bay v. Spigrin Properties, Ltd.

469 So. 2d 240, 10 Fla. L. Weekly 1355, 1985 Fla. App. LEXIS 14225

District Court of Appeal of Florida | Filed: May 29, 1985 | Docket: 64612156

Published

the recovery of double interest pursuant to section 687.04, Florida Statutes (1973). The following facts

Credit Alliance Corp. v. Timmco Equipment, Inc.

457 So. 2d 1102, 9 Fla. L. Weekly 2124, 1984 Fla. App. LEXIS 15265

District Court of Appeal of Florida | Filed: Oct 3, 1984 | Docket: 64607514

Published

exempt from the usury statutes by virtue of Section 687.04(1), Florida Statutes (1981). However, the evidence

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

trial... . The right of action afforded by Section 687.04, Florida Statutes (1975) is a right of action

Abramowitz v. BARNETT BANK OF WEST

394 So. 2d 1033

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

Published

imposition of damages against the bank, pursuant to section 687.04 and other appropriate charges. REVERSED and

O'Neil v. Lorain National Bank

369 So. 2d 378, 1979 Fla. App. LEXIS 14401

District Court of Appeal of Florida | Filed: Mar 27, 1979 | Docket: 64569467

Published

with a similar provision in the usury statute, Section 687.04, Florida Statutes (1977). Citing Vance v. Florida

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

forfeiture of interest prescribed by Florida Statutes § 687.04. We do not agree. The question here is not whether

Jonton, Inc. v. Fidelity Mortgage Investors

327 So. 2d 109, 1976 Fla. App. LEXIS 14657

District Court of Appeal of Florida | Filed: Feb 10, 1976 | Docket: 64552556

Published

fails to show that ap-pellee willfully violated Section 687.04, Florida Statutes. Accordingly, the final judgment

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

Count I does state a cause of action under F.S. § 687.04, F.S.A., for recovery of interest resulting from

Vance v. Florida Reduction Corp.

263 So. 2d 585, 1972 Fla. App. LEXIS 6624

District Court of Appeal of Florida | Filed: Apr 18, 1972 | Docket: 64526501

Published

therefor are creatures of statute. A reading of section 687.04, Florida Statutes, makes it clear that forfeiture

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

of F. S. section 687.04, F.S.A. Appellants contend, and we agree, that F.S. section 687.04, F.S.A., on

Fields v. Wilensky

247 So. 2d 477, 1971 Fla. App. LEXIS 6680

District Court of Appeal of Florida | Filed: Apr 2, 1971 | Docket: 64520191

Published

penalty and forfeiture provisions embraced in F.S. 687.04 and 687.07, F.S.A., the only penalty recoverable

Lord v. Hodge

209 So. 2d 692, 1968 Fla. App. LEXIS 5672

District Court of Appeal of Florida | Filed: Apr 24, 1968 | Docket: 64505034

Published

the penalties be paid as provided under Florida Statute 687.04, F.S.A., such relief being determined by

Brown v. Rodes

132 So. 2d 304

District Court of Appeal of Florida | Filed: Aug 11, 1961 | Docket: 60198110

Published

usurious scheme was involved. Florida Statute, § 687.04, F.S.A., requires a wilful violation before the

Young v. Wilder

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

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

Published

require that any person who wilfully violates Section 687.04 shall forfeit the entire interest charged.