687.12
Interest rates; parity among licensed lenders or creditors.
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687.12 Interest rates; parity among licensed lenders or creditors.—
(1) Any lender or creditor licensed or chartered under chapter 516, chapter 520, chapter 657, chapter 658 or former chapter 659, former chapter 664 or former chapter 656, chapter 665, or part XV of chapter 627; any lender or creditor located in this state and licensed or chartered under the laws of the United States and authorized to conduct a lending business; or any lender or creditor lending through a licensee under part III of chapter 494, is authorized to charge interest on loans or extensions of credit to any person as defined in s. 1.01, or to any firm or corporation, at the maximum rate of interest permitted by law to be charged on similar loans or extensions of credit made by any lender or creditor in this state, except that the statutes governing the maximum permissible interest rate on any loan or extension of credit, and other statutory restrictions relating thereto, also govern the amount, term, permissible charges, rebate requirements, and restrictions for a similar loan or extension of credit made by any lender or creditor.
(2) This section shall be construed to permit any lender or creditor which is otherwise authorized to make a particular loan or extension of credit to charge interest at a rate permitted to be charged by other lenders or creditors on similar loans or extensions of credit, but shall not be construed to grant any lender or creditor the power or authority to make any particular type of loan or extension of credit which it is not otherwise authorized to make. For purposes of this section, direct loans for the purchase of goods or services, and extensions of credit for the acquisition of goods or services by the seller or provider thereof, shall be deemed to be similar loans or extensions of credit.
(3) In making loans or extensions of credit, lenders or creditors shall be subject only to the licenses, examinations, regulations, documents, procedures, and disclosures required by the respective laws under which each lender or creditor is licensed or organized, and not to those required by laws governing other lenders or creditors.
(4) In making loans or extensions of credit at a rate of interest that, but for this section, would not be authorized, lenders or creditors shall indicate on the promissory note or other instrument evidencing the loan or extension of credit the specific chapter of the Florida Statutes authorizing the interest rate charged.
History.—s. 1, ch. 77-371; s. 259, ch. 79-400; s. 474, ch. 81-259; s. 60, ch. 91-245; s. 206, ch. 92-303; s. 69, ch. 2009-241.
Notes of Decisions
Cited in 7
cases, 1986–2018 · leading case: South Pointe Development Co. v. Capital Bank
South Pointe Development Co. v. Capital Bank (1991)
“§ 687.12, Fla.Stat. (1989). Capital Bank is a Florida banking corporation which is chartered under the provisions of Chapter 658 of the Florida Statutes.”
Nussbaum v. Mortgage Service America Co. (1995)
“074(1) and Fla.Stat. § 687.12(1). The Rodash Court did not address the applicability of these statutes in its opinion, suggesting it was unaware of their existence at the time the decision was rendered.”
Nolden v. Summit Fin. Corp. (2018)
“Section 687.12, Florida Statutes (2009), Did Not Require the Words "Chapter 520" to Appear on the Face of the Agreement We briefly address the buyer's argument that the words "Chapter 520" *329 were required to appear on the face of the agreement to exempt the agreement from the…”
ADRIANNE NOLDEN v. SUMMIT FINANCIAL CORP. (2018)
“Section 687.12, Florida Statutes (2009), Did Not Require the Words “Chapter 520” to Appear on the Face of the Agreement We briefly address the buyer’s argument that the words “Chapter 520” were required to appear on the face of the agreement to exempt the agreement from the…”
In Re Hamlett (1986)
“Mortgage Finance • asserts that F.S.A. § 687.12, a parity statute, creates an exception for certain lendors or creditors who would otherwise be subject to the provisions of Chapter 687 if the lendor or creditor indicates on the instrument evidencing the loan the “.”
First American Bank v. Dahdah (1988)
“Chapter 665 states that no interest on loans secured by a first lien on real estate shall be deemed usurious. Defendants acknowledged at oral argument that plaintiff is a lender licensed under Florida Statutes chapter 658, and that the subject loan is a first lien on real estate.”
Security Life of Denver Insurance v. Shah (2012)
“In addition, any interest charged by a premium finance company is subject to the interest rate requirements contained in Fla. Stat. § 687.12 . 7 At present, the critical issue is whether SEBN engaged in issuing premium financing agreements, which would then subject it — as an…”
— 687.12(1) — 2 cases
Nussbaum v. Mortgage Service America Co. (1995)
“074(1) and Fla.Stat. § 687.12(1). The Rodash Court did not address the applicability of these statutes in its opinion, suggesting it was unaware of their existence at the time the decision was rendered.”
South Pointe Development Co. v. Capital Bank (1991)
“§ 687.12, Fla.Stat. (1989). Capital Bank is a Florida banking corporation which is chartered under the provisions of Chapter 658 of the Florida Statutes.”
— 687.12(4) — 5 cases
South Pointe Development Co. v. Capital Bank (1991)
“§ 687.12, Fla.Stat. (1989). Capital Bank is a Florida banking corporation which is chartered under the provisions of Chapter 658 of the Florida Statutes.”
Nolden v. Summit Fin. Corp. (2018)
“Section 687.12, Florida Statutes (2009), Did Not Require the Words "Chapter 520" to Appear on the Face of the Agreement We briefly address the buyer's argument that the words "Chapter 520" *329 were required to appear on the face of the agreement to exempt the agreement from the…”
In Re Hamlett (1986)
“Mortgage Finance • asserts that F.S.A. § 687.12, a parity statute, creates an exception for certain lendors or creditors who would otherwise be subject to the provisions of Chapter 687 if the lendor or creditor indicates on the instrument evidencing the loan the “.”
ADRIANNE NOLDEN v. SUMMIT FINANCIAL CORP. (2018)
“Section 687.12, Florida Statutes (2009), Did Not Require the Words “Chapter 520” to Appear on the Face of the Agreement We briefly address the buyer’s argument that the words “Chapter 520” were required to appear on the face of the agreement to exempt the agreement from the…”
First American Bank v. Dahdah (1988)
“Chapter 665 states that no interest on loans secured by a first lien on real estate shall be deemed usurious. Defendants acknowledged at oral argument that plaintiff is a lender licensed under Florida Statutes chapter 658, and that the subject loan is a first lien on real estate.”
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