Florida Statute 687.12 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 687
INTEREST AND USURY; LENDING PRACTICES

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F.S. 687.12

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.

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Amendments to 687.12

Arrestable Offenses / Crimes under Fla. Stat. 687.12

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 687.12.

Annotations, Discussions, Cases:

Cases Citing Statute 687.12

Total Results: 6

Edward Allen Covington v. State of Florida & Edward Allen Covington v. Ricky D. Dixon, etc.

Court: Fla. | Date Filed: 2022-08-25T00:53:00-07:00

Snippet: prejudiced the defendant. Id. at 687. As - 12 - to the first prong, the defendant

ADRIANNE NOLDEN v. SUMMIT FINANCIAL CORP.

Court: Fla. Dist. Ct. App. | Date Filed: 2018-04-25T00:53:00-07:00

Snippet: section 687.12, Florida Statutes (2009), known as the “parity exception.” Section 687.12 is entitled…the entry of the summary judgment below. Section 687.12, Florida Statutes (2009), Did Not Require the Words…authorizing the interest rate charged.” Id. (quoting § 687.12(4)). The parity exception is not applicable…Statutes authorizing the interest rate charged.” § 687.12(4), Fla. Stat. (2009) (emphasis added).

Nolden v. Summit Fin. Corp.

Court: Fla. Dist. Ct. App. | Date Filed: 2018-04-25T00:00:00-07:00

Citation: 244 So. 3d 322

Snippet: section 687.12, Florida Statutes (2009), known as the "parity exception." Section 687.12 is entitled…the entry of the summary judgment below. Section 687.12, Florida Statutes (2009), Did Not Require the Words…the interest rate charged." Id. (quoting § 687.12(4) ). The parity exception is not applicable to… authorizing the interest rate charged." § 687.12(4), Fla. Stat. (2009) (emphasis added). AutoShow

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: addition to the above statutory purge, sections 687.12 and 687.13 still exempt most institutional lenders

South Pointe Development Co. v. Capital Bank

Court: Fla. Dist. Ct. App. | Date Filed: 1991-01-15T00:00:00-08:00

Citation: 573 So. 2d 939, 1991 Fla. App. LEXIS 217, 1991 WL 2812

Snippet: Capital Bank pursuant to Section 687.12, Florida Statutes (1989). Section 687.12, which is entitled “Interest…Statutes authorizing the interest rate charged. § 687.12, Fla.Stat. (1989). Capital Bank is a Florida banking…lender or creditor in the State of Florida. ...” § 687.12, Fla.Stat. (1989). In order for a lender to take…such a lender for the type of loan it is making. § 687.12(1), Fla.Stat. (1989). Finally, the lender must …Statutes authorizing the interest rate charged.” § 687.12(4), Fla.Stat. (1989). In the instant case, evidence

Jessup v. Cowger & Miller Mortgage Co.

Court: Fla. Dist. Ct. App. | Date Filed: 1987-04-21T00:00:00-07:00

Citation: 505 So. 2d 687, 12 Fla. L. Weekly 1085, 1987 Fla. App. LEXIS 7828

Snippet: Barkdull, Baskin, Jorgenson 21 April 1987 505 So. 2d 687, 12 Fla. L. Weekly 1085, 1987 Fla. App. LEXIS 7828