Florida Statute 687.071 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 687
INTEREST AND USURY; LENDING PRACTICES

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F.S. 687.071

687.071 Criminal usury, loan sharking.—

(1) DEFINITIONS.—The following words and phrases, as used in this section, shall have the following meanings:

(a) “Person” shall be construed to be defined as provided in s. 1.01.

(b) “Creditor” means any person who makes an extension of credit or any person claiming by, under, or through such person.

(c) “Debtor” means any person who receives an extension of credit or any person who guarantees the repayment of a loan of money for another person.

(d) “Extension of credit” means to make or renew a loan of money or any agreement for forbearance to enforce the collection of such loan.

(e) “Extortionate extension of credit” means any extension of credit whereby it is the understanding of the creditor and the debtor at the time an extension of credit is made that delay in making repayment or failure to make repayment could result in the use of violence or other criminal means to cause harm to the person, reputation, or property of any person.

(f) “Loan shark” means any person as defined herein who lends money unlawfully under subsection (2), subsection (3), or subsection (4).

(g) “Loan sharking” means the act of any person as defined herein lending money unlawfully under subsection (2), subsection (3), or subsection (4).

(2) Unless otherwise specifically allowed by law, any person making an extension of credit to any person, who shall willfully and knowingly charge, take, or receive interest thereon at a rate exceeding 25 percent per annum but not in excess of 45 percent per annum, or the equivalent rate for a longer or shorter period of time, whether directly or indirectly, or conspires so to do, commits a misdemeanor of the second degree, punishable as provided in s. 775.082 or s. 775.083.

(3) Unless otherwise specifically allowed by law, any person making an extension of credit to any person, who shall willfully and knowingly charge, take, or receive interest thereon at a rate exceeding 45 percent per annum or the equivalent rate for a longer or shorter period of time, whether directly or indirectly or conspire so to do, commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.

(4) Any person who shall knowingly and willfully make an extortionate extension of credit to any person or conspire so to do commits a felony of the second degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084. In any prosecution under this subsection, evidence that the creditor then had a reputation in the debtor’s community for the use or threat of use of violence or other criminal means to cause harm to the person, reputation, or property of any person to collect extensions of credit or to punish the nonrepayment thereof shall be admissible.

(5) Books of account or other documents recording extensions of credit in violation of subsections (3) or (4) are declared to be contraband, and any person, other than a public officer in the performance of his or her duty, and other than the person charged such usurious interest and person acting on his or her behalf, who shall knowingly and willfully possess or maintain such books of account or other documents, or conspire so to do, commits a misdemeanor of the first degree, punishable as provided in s. 775.082 or s. 775.083.

(6) No person shall be excused from attending and testifying or producing any books, paper, or other document before any court upon any investigation, proceeding, or trial, for any violation of this section upon the ground or for the reason that the testimony or evidence, documentary or otherwise, required of the person may tend to convict him or her of a crime or subject the person to a penalty or forfeiture, but no person shall be prosecuted or subjected to any penalty or forfeiture for or on account of any transaction, matter, or thing concerning which he or she may so testify or produce evidence, documentary or otherwise, and no testimony so given or produced shall be received against the person upon any criminal investigation or proceeding.

(7) No extension of credit made in violation of any of the provisions of this section shall be an enforceable debt in the courts of this state.

History.—s. 1, ch. 69-135; s. 676, ch. 71-136; s. 747, ch. 97-102; s. 1, ch. 2009-22.

F.S. 687.071 on Google Scholar

F.S. 687.071 on Casetext

Amendments to 687.071

Arrestable Offenses / Crimes under Fla. Stat. 687.071

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

S687.071 2 - FRAUD - LOAN SHARKING INTEREST EXCEEDS 25 UP TO 45 PCT - M: S

S687.071 3 - FRAUD - LOAN SHARKING INTEREST EXCEEDS 45 PCT - F: T

S687.071 4 - EXTORT - LOAN SHARKING CREDIT EXTENSION - F: S

S687.071 5 - FRAUD - POSS LOAN SHARKING EXTORTION DOCS - M: F

Annotations, Discussions, Cases:

Cases Citing Statute 687.071

Total Results: 20

Adolfo Pazmino Lopez v. Mel-Mont Medical, LLC

Court: District Court of Appeal of Florida | Date Filed: 2024-10-16

Snippet: permitted under the “criminal” usury statue, § 687.071, Florida Statutes, with the “civil” usury statute

BREA 3-2 LLC, etc. v. HAGSHAMA FLORIDA 8 SARASOTA, LLC, etc.

Court: District Court of Appeal of Florida | Date Filed: 2021-09-29

Snippet: “criminally usurious debts” in violation of section 687.071, Florida Statutes (2016). The complaints sought:

In Re: Standard Jury Instructions in Criminal Cases-Report 2018-14.

Court: Supreme Court of Florida | Date Filed: 2019-04-11

Citation: 267 So. 3d 980

Snippet: Stat. Insert definition of loan sharking from §687.071 Fla. Stat. Insert explanation of the statute of

Gables Ins. Recovery, Inc. v. Citizens Prop. Ins. Corp.

Court: District Court of Appeal of Florida | Date Filed: 2018-09-20

Citation: 261 So. 3d 613

Snippet: distribution, and franchise relationships); § 687.071(7), Fla. Stat. (2017) (specifically declaring unenforceable

Gables Ins. Recovery, Inc. v. Citizens Prop. Ins. Corp.

Court: District Court of Appeal of Florida | Date Filed: 2018-09-20

Citation: 261 So. 3d 613

Snippet: distribution, and franchise relationships); § 687.071(7), Fla. Stat. (2017) (specifically declaring unenforceable

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

Court: District Court of Appeal of Florida | Date Filed: 2017-07-19

Citation: 229 So. 3d 362

Snippet: of Florida usury laws under sections 687.04 and 687.071, Florida Statutes (2016). That same' day,

In Re STANDARD JURY INSTRUCTIONS IN CRIMINAL CASES-REPORT NO. 2014-08

Court: Supreme Court of Florida | Date Filed: 2015-10-08

Citation: 176 So. 3d 938, 2015 WL 5853925

Snippet: Stat. Insert definition of loan sharking from § 687.071 Fla. Stat. Insert explanation of the statute of

In re Standard Jury Instructions in Criminal Cases-Rreport No. 2012-08

Court: Supreme Court of Florida | Date Filed: 2013-11-21

Citation: 131 So. 3d 692, 2013 WL 6124277

Snippet: Stat. Insert definition of loan sharking from § 687.071 Fla. Stat. Insert explanation of the statute of

Northwood SG, LLC v. Builder Financial Corp.

Court: District Court of Appeal of Florida | Date Filed: 2011-09-14

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

Snippet: the interest be in excess of 25% per annum. §§ 687.071(2) & (3), Fla. Stat. (2005). Because each loan

Morales v. Grassy Key Beach Subdivision, Inc.

Court: District Court of Appeal of Florida | Date Filed: 2010-11-10

Citation: 50 So. 3d 639, 2010 Fla. App. LEXIS 17171, 2010 WL 4483465

Snippet: PER CURIAM. Affirmed. See Fla. Stat. §§ 687.03, 687.071; St. Petersburg Bank & Trust Co. v. Hamm, 414 So

Velletri v. Dixon

Court: District Court of Appeal of Florida | Date Filed: 2010-09-10

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

Snippet: usurious at all. Sections 687.03, 687.04, and 687.071 provide statutory causes of action which allow

Saralegui v. Sacher, Zelman, Van Sant Paul, Beily, Hartman & Waldman, P.A.

Court: District Court of Appeal of Florida | Date Filed: 2009-09-30

Citation: 19 So. 3d 1048, 2009 Fla. App. LEXIS 14602, 2009 WL 3103301

Snippet: and additional penalties would also apply. § 687.071, Fla. Stat. (2003). The trial court correctly determined

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: simple interest are hereby declared usurious"); ง 687.071, Fla. Stat. (2008) (pertaining to criminal usury)

Pinchuck v. Canzoneri

Court: District Court of Appeal of Florida | Date Filed: 2006-02-08

Citation: 920 So. 2d 713, 2006 Fla. App. LEXIS 2557, 2006 WL 437395

Snippet: penalties for the violation of those limits. Section 687.071(2), Florida Statutes (1993), defines criminal usury

Valliappan v. Cruz

Court: District Court of Appeal of Florida | Date Filed: 2005-12-14

Citation: 917 So. 2d 257, 2005 WL 3411797

Snippet: section 687.071(2), Florida Statutes (2004). Of significance in a civil case, section 687.071(7) provides

Lawyers Title Ins. Corp. v. Wells

Court: District Court of Appeal of Florida | Date Filed: 2004-08-27

Citation: 881 So. 2d 668, 2004 WL 1906883

Snippet: We conclude that the trial court erred. Section 687.071(3), Florida Statutes (2003), provides that anyone

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: of interest exceeds the rate prescribed in s. 687.071. (Emphasis added) Similarly, section 687.03(1)

Cunningham v. Koon

Court: District Court of Appeal of Florida | Date Filed: 2000-07-05

Citation: 762 So. 2d 572, 2000 Fla. App. LEXIS 8269, 2000 WL 873670

Snippet: which violated the criminal usury statute, section 687.071, Florida Statutes (1999). Whether the transaction

Ago

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

Snippet: amount or value of $25,000 or less." 3 See, s. 687.071(2) and (3), Fla. Stat. 4 Rollins v. Odom, 519 So

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: § 687.071(2) and (3). Charging interest between 25% and 40% constitutes a misdemeanor. § 687.071(2)