Florida Statute 687.04 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 687
INTEREST AND USURY; LENDING PRACTICES

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F.S. 687.04

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.

F.S. 687.04 on Google Scholar

F.S. 687.04 on Casetext

Amendments to 687.04

Arrestable Offenses / Crimes under Fla. Stat. 687.04

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 687.04.

Annotations, Discussions, Cases:

Cases Citing Statute 687.04

Total Results: 20

Adolfo Pazmino Lopez v. Mel-Mont Medical, LLC

Court: Fla. Dist. Ct. App. | Date Filed: 2024-10-16T00:00:00-07:00

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

BAUTISTA REO U.S., LLC v. ARR INVESTMENTS, INC.

Court: Fla. Dist. Ct. App. | Date Filed: 2017-07-19T00:00:00-07:00

Citation: 229 So. 3d 362

Snippet: violations of Florida usury laws under sections 687.04 and 687.071, Florida Statutes (2016). That…Bautista REO from continuing to violate sections 687.04, 687.071, and 701.04, Florida Statutes, and from

Velletri v. Dixon

Court: Fla. Dist. Ct. App. | Date Filed: 2010-09-10T00:00:00-07:00

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

Snippet: had collected as a penalty pursuant to section 687.04. Velletri appealed the final judgment, contending… the loan was usurious at all. Sections 687.03, 687.04, and 687.071 provide statutory causes of action… interest actually charged and collected. See § 687.04. The civil penalty for criminal usury is significantly…award of double the interest paid under section 687.04essentially a combination of the remedies for both….2d 18, 19-20 (Fla. 1957) (noting that sections 687.04 and 687.071 recognize and define different degrees

Griffin v. State

Court: Fla. Dist. Ct. App. | Date Filed: 2007-01-04T23:53:00-08:00

Citation: 946 So. 2d 610

Snippet: cause, but not after it had expired. 933 So.2d at 687. [4] We are aware that some existing case law has

Ago

Court: Fla. Att'y Gen. | Date Filed: 1999-06-14T00:53:00-07:00

Snippet: forfeiture of the entire principal amount). And see, s. 687.04, Fla. Stat, which states that the penalty for violating

Kraft v. Mason

Court: Fla. Dist. Ct. App. | Date Filed: 1996-02-27T23:53:00-08:00

Citation: 668 So. 2d 679

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

Jersey Palm-Gross, Inc. v. Paper

Court: Fla. Dist. Ct. App. | Date Filed: 1994-07-06T00:53:00-07:00

Citation: 639 So. 2d 664

Snippet: #39;s usury laws, section 687.04(2), apply only to civil usury. Section 687.04(2) allows a lender a complete… 2d DCA 1985). *667 Under Florida law, sections 687.04 and 687.071, Florida Statutes (1993) provide statutory…forfeiture of the right to collect the debt. See § 687.04, Fla. Stat. (1993). In the case of either criminal…a matter of law to be inconsistent with section 687.04(2). The fact that the legislature has created certain…transfers of negotiable paper in certain cases, section 687.04, Florida Statutes (1975). The legislature recently

Plantation Village Ltd. Partnership of Sanibel v. Aycock

Court: Fla. Dist. Ct. App. | Date Filed: 1993-03-19T00:00:00-08:00

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

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

PLANTATION VILLAGE LTD. PARTNERSHIP v. Aycock

Court: Fla. Dist. Ct. App. | Date Filed: 1993-03-18T23:53:00-08:00

Citation: 617 So. 2d 729

Snippet: The "savings clause" found in section 687.04(2), and as set forth in the promissory note applies

Polakoff v. State

Court: Fla. Dist. Ct. App. | Date Filed: 1991-08-08T00:53:00-07:00

Citation: 586 So. 2d 385

Snippet: Stat.) but also to the civil penalty in section 687.04 which provides, in effect, that interest charged…for interest legally unenforceable under section 687.04 because it is in excess of 18% provided in section

Pasternak v. Brook

Court: Fla. Dist. Ct. App. | Date Filed: 1988-08-09T00:00:00-07:00

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

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

Rollins v. Odom

Court: Fla. Dist. Ct. App. | Date Filed: 1988-01-11T23:53:00-08:00

Citation: 519 So. 2d 652

Snippet: concur. NOTES [1] § 687.04, Fla. Stat. (1981), provides in pertinent part: 687.04 Penalty for usury; …interest actually collected, pursuant to section 687.04, Florida Statutes. The trial court further found…amount of the interest received will be forfeited. § 687.04, Fla. Stat. (1981).[1] A lender guilty of criminal

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

Court: Fla. Dist. Ct. App. | Date Filed: 1987-04-22T00:53:00-07:00

Citation: 507 So. 2d 657

Snippet: of double the interest paid pursuant to section 687.04, *659 Florida Statutes (1981). This we find to … original opinion in the case citing to section 687.04(1), Florida Statutes (1981). We now hold that the…effect at the time of the decision herein, section 687.04, Florida Statutes (1981), provides for a penalty

Gergora v. Goldstein Professional Ass'n

Court: Fla. Dist. Ct. App. | Date Filed: 1987-01-05T23:53:00-08:00

Citation: 500 So. 2d 695

Snippet: purge the usurious interest pursuant to section 687.04(2), Florida Statutes (1979); (c) sufficient evidence…itself of the usurious interest rate under section 687.04(2). A borrower who asserts usury as a defense must

Medina v. Lamonica

Court: Fla. Dist. Ct. App. | Date Filed: 1986-08-12T00:00:00-07:00

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

Snippet: interest penalty for usury pursuant to section 687.04, Florida Statutes (1981)) plus taxable costs. The…question involves usury. We cannot agree. Section 687.04, Florida Statutes (1981), provides that a creditor…court construed a predecessor statute to section 687.04—sec-tion 3106, General Statutes of the State of…the double interest penalty pursuant to section 687.04. Specifically, Medina argues that the interest …,” but was merely “contracted to be charged.” § 687.04, Fla.Stat. (1981). Again, we disagree. A personal

First Am. Bank v. Windjammer Time Sharing

Court: Fla. Dist. Ct. App. | Date Filed: 1986-01-14T23:53:00-08:00

Citation: 483 So. 2d 732

Snippet: 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

Court: Fla. Dist. Ct. App. | Date Filed: 1985-12-15T23:53:00-08:00

Citation: 480 So. 2d 153

Snippet: Cerritos' claim of usury was based on Section 687.04, Florida Statutes, which creates no vested substantive

Rebman v. FLAGSHIP FIRST NAT. BANK

Court: Fla. Dist. Ct. App. | Date Filed: 1985-07-26T00:53:00-07:00

Citation: 472 So. 2d 1360

Snippet: lenders who "willfully" violate it. § 687.04, Fla. Stat. (1983). Generally, the question of

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

Court: Fla. Dist. Ct. App. | Date Filed: 1985-05-29T00:00:00-07:00

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

Snippet: recovery of double interest pursuant to section 687.04, Florida Statutes (1973). The following facts are…taken and received” by Sun Bank pursuant to section 687.04, Florida Statutes (1973). Sun Bank counterclaimed

Title & Trust Co. of Florida v. Parker

Court: Fla. Dist. Ct. App. | Date Filed: 1985-05-14T00:53:00-07:00

Citation: 468 So. 2d 520

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