CopyCited 196 times | Published | Court of Appeals for the Eleventh Circuit | 17 Fed. R. Serv. 412, 1984 U.S. App. LEXIS 16406
...izes participation in the affairs of an enterprise through those means. 49 . See supra note 7. The applicable RICO provision defines "unlawful debt” as a debt where the interest rate is twice that defined as usurious under state law. Fla.Stat.Ann. § 687.02 (1984) provides a general 18% per annum maximum legal interest rate....
CopyCited 43 times | Published | Supreme Court of Florida
...Petitioners take the position that Section 687.11(4), Florida Statutes, was intended to remedy an inconsistency between permissible rates payable by an individual as maker, as contrasted to a person secondarily liable on loans in excess of $500,000. We agree. In 1965, Chapter 687 provided in pertinent part as follows: Section 687.02, Florida Statutes, defined usurious contracts and provided that any contract, other than that of a corporation, for interest at a higher rate than 10 percent per annum was usurious, and any contract involving a corporation for interest at a higher rate than 15 percent per annum was usurious....
...interest shall be forfeited. (2) All laws or parts of laws in conflict herewith and all other statutory penalties for usury applicable to loans to corporations are hereby repealed. *16 The 1967 Legislature did not amend the law. Therefore, Sections
687.02,
687.03,
687.04, 687.07, and 687.11 were reenacted as the official law of the state in accordance with Section
11.2421, Florida Statutes....
...In 1969, the legislature enacted Section
687.071, Florida Statutes, which repealed Section 687.07, Florida Statutes. Section 687.07 had previously provided for the unenforceability of the debt where the interest rate exceeded 25 percent. The new statute provided different penalties for loans exceeding 25 percent. Sections
687.02,
687.03,
687.04, and 687.11 were carried forward from the official 1967 statutes and reenacted into the official 1969 statutes. The 1970 Legislature carried forward all sections of 687 previously enacted, except that it made a small and insignificant amendment to Section
687.03. In 1973 Section
687.02 was amended to provide that an individual could be charged up to 15 percent interest per annum on any loan exceeding $500,000....
...Thus, in 1973, the laws of this state regarding usury contained inconsistent provisions. The law as it then stood provided that with regard to loans in excess of $500,000 an individual as maker could pay up to 15 percent interest and an individual secondarily liable was limited to 10 percent interest. In 1974, Sections
687.02 and
687.04 were carried forward into the 1975 statutes unchanged....
...It was at this time that Section 687.11 was amended by adding: "(4) The provisions of this section shall not apply to obligations which exceed $500,000." Respondent argues that this amendment was intended to remove all interest limitations on loans to corporate borrowers in excess of $500,000. However, Sections
687.02,
687.03, and
687.04 do now and always have provided penalties for the charging of interest in excess of certain rates....
CopyCited 21 times | Published | Florida 5th District Court of Appeal | 2000 WL 6143
...Templeton's sole obligation under the contract was the $160,000 loan, the interest and additional "commissions," may well render the contract usurious. In Florida, contracts for payment of interest exceeding eighteen percent per annum are usurious. § 687.02(1)....
CopyCited 14 times | Published | District Court, S.D. Florida | 1998 U.S. Dist. LEXIS 20387, 1998 WL 915364
...Gulf West Int'l Corp.,
429 So.2d 817, 819 (Fla. 2d DCA 1983); see also In re Concrete Express, Inc.,
87 B.R. 718, 721 (Bankr.S.D.Fla.1988). In this case, Plaintiff has the burden of proof on all elements of the prohibition to sustain a finding of usury under §
687.02 of the Florida Statutes....
CopyCited 12 times | Published | Supreme Court of Florida | 31 Fla. L. Weekly Supp. 255, 2006 Fla. LEXIS 666, 2006 WL 1096679
...This letter stated that customers cashing checks must receive currency, not another check or other type of payment instrument. In referencing deferred presentment transaction practices, the letter described the limitations on fees that can be charged by check cashers and explicitly referenced Florida's Usury Law in section 687.02, Florida Statutes (1997), stating that "it is illegal to charge a higher rate of interest than 18 percent per annum simple interest....
...given its plain and obvious meaning." Id. (quoting Holly v. Auld,
450 So.2d 217, 219 (Fla.1984)). Historically, transactions involving the lending of money for a fee or at a particular rate of interest have been governed by Florida's usury laws. See §
687.02(1), Fla....
...rate of interest than the equivalent of 18 percent per annum simple interest are hereby declared usurious."). However, the Legislature from time to time has carved out exceptions to the usury laws. See, e.g., §
687.031, Fla. Stat. (1993) ("Sections
687.02 and
687.03 shall not be construed to repeal, modify or limit any or either of the special provisions of existing statutory law creating exceptions to the general law governing interest and usury and specifying the interest rates and charges which may be made pursuant to such exceptions....
...Moreover, the usury laws, which existed at the time the Code was enacted, have a general application to "[a]ll contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt." § 687.02, Fla....
...(1997). Thus, if deferred presentment transactions qualified *1213 as check cashing, they were subject to the Code's fee structure. See id. §§ 560.301-.310. If not, then they were effectively loans subject to Florida's longstanding usury laws. See id. § 687.02(1) ("All contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, or upon any obligation whatever, at a higher rate of interest than the equivalent of 18 percent per annum simple interest are hereby declared usurious.")....
CopyCited 9 times | Published | Florida 3rd District Court of Appeal
...See 17 C.J.S. Contracts § 16e (1963) and Davis, supra ; C & D Farms, Inc. v. Cerniglia,
189 So.2d 384, 386 (Fla. 3d DCA 1966); Bond, supra . The public policy in this state with respect to usurious contracts and corporations is found in Florida Statute
687.02 (1975) which dates back to 1955 and provides that "any contract whereby a corporation undertakes to pay an interest rate higher than fifteen per annum is hereby declared usurious." The prime purpose of the usury law is to protect needy borrowers by penalizing unconscionable moneylenders....
CopyCited 8 times | Published | Florida 1st District Court of Appeal | 1988 WL 800
...due of $47,019.56, after calculation of penalties, taxes, insurance, attorney's fees, and costs. In the Rayfield Rollins and Church final judgments of foreclosure, the trial court found total amounts due of $21,240.22, and $16,755.12, respectively. Section 687.02, Florida Statutes defines as usurious All contracts for the payment of interest upon any loan, advance of money, line of credit or forbearance to enforce the collection of any debt, or upon any obligation whatever, at a higher rate of interest than the equivalent of 18 percent per annum simple interest ......
CopyCited 8 times | Published | Supreme Court of Florida
...After reviewing the statutory history of chapter 687, Florida Statutes, from 1965 forward and carefully considering the title to the act creating 687.11(4), *293 the Court concluded that the intent of that subsection was only to remedy the inconsistency between permissible rates payable by an individual as maker (section 687.02) as contrasted to an individual secondarily liable (section 687.11(1)), on loans in excess of $500,000....
...simply does not support the position of cross-petitioners. A brief exposition of the history of chapter 687, Florida Statutes, is required to demonstrate the error in analysis by cross-petitioners and the district court in Continental Mortgage Investors v. Sailboat Key, Inc . In 1965, sections
687.02 and
687.03, Florida Statutes, defined usurious contracts and the maximum lawful rates of interest....
...was eliminated. Continuing the historical development of chapter 687, we see that in 1970 the legislature carried forward all sections of that chapter with only an insignificant amendment to section
687.03. In 1973, however, the legislature amended section
687.02 to provide that an individual could be charged *294 up to 15% interest per annum on loans exceeding $500,000 in principal amount....
...section shall not apply to obligations which exceed $500,000. To the argument that this amendment removed all interest limitations on loans to corporate borrowers in excess of $500,000 the Court in Woodgate Development responded: "However, Sections
687.02,
687.03, and
687.04 do now and always have provided penalties for the charging of interest in excess of certain rates."
351 So.2d at 16....
CopyCited 7 times | Published | Supreme Court of Florida | 1980 Fla. LEXIS 4320
...§
520.34 (retail installment contracts); §
520.35 (revolving accounts); § 656.17 (industrial savings banks); § 657.14 (credit unions); § 659.18 (commercial banks loans not in excess of $15,000); § 659.181 (commercial banks credit cards); §
687.02 (loans to individuals in excess of $500,000)....
CopyCited 6 times | Published | Florida 5th District Court of Appeal | 2004 Fla. App. LEXIS 6429, 2004 WL 1057687
...Fields,
267 So.2d 1 (Fla.1972); First Mortgage Corp. of Vero Beach v. Stellmon,
170 So.2d 302 (Fla. 2d DCA 1964). Each statute is to be construed so that it is meaningful in all parts. Wilensky; First Mortgage. Florida's usury laws are set out in Chapter 687. Section
687.02(1) defines usurious contracts as [a]ll contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, or upon any obligation whatever, at a higher rate of in...
...(Emphasis added) * * * (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. (Emphasis added) A review of the above statutes reveals that for loans under $500,000, a usurious contract is present if an interest rate exceeds 18%. Sections
687.02(1),
687.03(1)....
CopyCited 6 times | Published | Florida 3rd District Court of Appeal
...unless the rate of interest exceeds 15 percent per annum. The provisions of this section shall not apply to sales of bonds in excess of one hundred dollars and mortgages securing the same or money loaned on bonds. For the purpose of this section and § 687.02, the rate of interest on any loan of money shall be determined and computed upon the assumption that the debt will be paid according to the agreed terms, and in the event said loan is paid or collected by court action prior to the term of s...
CopyCited 5 times | Published | Florida 4th District Court of Appeal | 2004 WL 1779079
...he Payday Lending Industry, 5 N.C. Banking Inst. 339, 346 (2001). II. Statutory Overview Traditionally, transactions involving the lending of money for a fee or at a particular rate of interest fall under the purview of the usury laws. See generally § 687.02(1), Fla....
...Chapter 687, Florida Statutes (1997)(the Usury Statute) did, however, govern lending practices, and particularly, "[a]ll contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt." § 687.02(1), Fla....
CopyCited 4 times | Published | Florida 3rd District Court of Appeal | 1997 WL 227471
...Whether the interest claimed or awarded Southeast Bank: a. Violates the Federal Trust [sic] In Lending Act, 15 U.S.C.A. 1601 et seq. b. Violates the Florida Consumer Collection Practices Act, F.S. Section
559.77. c. Violates the Florida Usury Statutes, Section
687.02,
687.03 et seq....
CopyCited 4 times | Published | United States Bankruptcy Court, S.D. Florida. | 1988 Bankr. LEXIS 897
...ount of $51,009. In addition to these amounts, H & P was also assigned $48,102.05, between November 1, 1987 through December 15, 1987, the third safe harbor period. CONCLUSIONS OF LAW A. Usury Count II, the Usury Count, travels upon Florida Statutes
687.02 and
687.071. Section *721
687.02 of the Florida Statutes declares that any contract for the payment of interest upon a loan or other obligation which charges a rate of interest that exceeds eighteen percent per annum simple interest is usurious....
...r, or actually has created, the usurious interest rate alleged. Based on this Court's finding that the Contract for Financing Services is a separate and distinct contract from the Account Financing and Security Agreement, Plaintiff's Complaint under Section 687.02 must fail and Judgment shall be entered for the Defendant....
CopyCited 3 times | Published | Florida 4th District Court of Appeal
...The details of the financial dealings between the parties are unimportant here. Because of defendants' defaults, plaintiff sued for multiple relief, including the foreclosure of a mortgage. Defendants counterclaimed, charging usury and seeking statutory sanctions and penalties under F.S.
687.02,
687.04 and
687.071, Laws of 1969, F.S.A....
CopyCited 3 times | Published | Florida 1st District Court of Appeal
...e found "that the rate of discount, as shown upon its face, and as established by the evidence at the Final Hearing, did not exceed 8% per annum, as permitted by § 656.17, Florida Statutes, F.S.A., and the Court further finds that the provisions of §
687.02, Florida Statutes, F.S.A., and §
687.03, Florida Statutes, F.S.A., having to do with usury, are not applicable to loans made upon discount by industrial banks, such as PENSACOLA LOAN & SAVINGS BANK." The statute in question reads: "656.17...
...easonable attorney's fees, documentary stamp taxes, other taxes, premiums on insurance, and other similar charges, if the bank deems the same necessary for the protection and security of said loan. * * *" F.S. § 656.17, F.S.A. [2] F.S. §§
687.01,
687.02, F.S.A....
CopyCited 3 times | Published | Florida 2nd District Court of Appeal
...ale and, therefore, of no force and effect. On appeal the Branns contend that the trial court erred in allowing the bank to recover any sums other than the principal due on Mr. Brann's note. Since the interest exceeded the 18% per annum permitted by section
687.02, Florida Statutes (1981), they contend the note was usurious, and that under section
687.04, the entire interest should be purged....
CopyCited 2 times | Published | Florida 3rd District Court of Appeal | 2007 Fla. App. LEXIS 4174, 2007 WL 837170
...§ 1640(a); in Count II that the SLO is a Home Ownership and Equity Protection Act Amendments (HOEPA) loan under 15 U.S.C. § 1602(aa) and Reg. Z 226.31, giving right to an additional basis to rescind under § 1635 and enhanced actual damages under § 1640(a)(4); in Count III that the SLO violates Florida's usury statute, § 687.02(1), Florida Statutes (2005); in Count IV a quiet title claim; and in Count VI[sic] seeks declaratory relief on the basis that enforcing the SLO as a "sale lease option" would enforce an illegal equity skimming contract in violation of secti...
CopyCited 2 times | Published | Florida 4th District Court of Appeal | 1996 WL 123163
...e rate of eighteen percent on all past due assessments. The bylaws specifically provided for unpaid assessments to bear interest at the "highest rate of interest ... permissible *1140 under the usury laws of the State of Florida." The usury statute, section 687.02, Florida Statutes (1993), permits "18 percent per annum simple interest" as the highest rate of legal interest chargeable on the unpaid assessments in this case....
CopyCited 2 times | Published | District Court, S.D. Florida | 2007 WL 294133, 2007 U.S. Dist. LEXIS 6191
...nsaction was a loan. In making that contention, the Zaczacs correctly point out that in determining whether the transaction is usurious the Court must look at the substance of the transaction, not the form or, designation given to it by the parties. Section
687.02(1), Florida Statutes, provides that "[al contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt at a higher rate *1324 of interest [than provided by law] are hereby declared usurious." Section
687.02(1) cross references §
687.071 which provides that: "If such loan, advance of money, line of credit, forbearance to enforce the collection of debt or obligation exceeds $500,000 in amount or value, then no contract to pay interest thereon is usurious unless the rate of interest exceeds the rate prescribed in s....
...esume a lawful purpose. Diversified Enterprises,
141 So.2d at 30. Thus, the question of whether Inversiones Charpari's special member interest falls within the scope of "any other obligation whatsoever" or an "extension of credit" as contemplated by §
687.02(1) and §
687.071(7) is answered in the negative....
CopyCited 1 times | Published | Florida 2nd District Court of Appeal | 1968 Fla. App. LEXIS 5432
...Using that test, he found that the aggregate amount of interest charged did not exceed the maximum legal rate of 15% per annum on the amount which appellants had actually received ($259,550) and that the loan was, therefore, free from any taint of usury. (See Florida Statutes, Section 687.02 [1963], F.S.A.) He thereupon decreed foreclosure in accordance with the terms of the note and mortgage....
CopyCited 1 times | Published | United States Bankruptcy Court, M.D. Florida | 1990 Bankr. LEXIS 1421, 1990 WL 95537
...Moreover, the Plaintiffs also point out that one of the indispensable elements of usury involves intent, and intent always is a question to be determined by the trier of fact and is not appropriately determined by summary judgment. Florida Statute § 687.02 provides in part that contracts for the payment of interest upon a loan at an interest rate greater than the equivalent of 18% per annum simple interest are usury....
CopyCited 1 times | Published | United States Bankruptcy Court, M.D. Florida | 1986 Bankr. LEXIS 5620
...of res judicata. See Matter of Farrell, supra at 246. Under Florida law, "[a]ll contracts for the payment of interest upon any loan, . . . at a higher rate of interest than the equivalent of 18 percent per annum simple interest" is usurious. F.S.A. § 687.02(1)....
CopyCited 1 times | Published | Florida 1st District Court of Appeal | 2001 WL 1598366
...The payday loan business is regulated by the Department of Banking and Finance pursuant to Chapter 560, Florida Statutes (2000). By a letter dated May 5, 1998, the Office of the Comptroller, Department of Banking and Finance, informed appellants and all payday lenders that under section 687.02, Florida Statutes, it is illegal to charge over 18% annual interest and warned that "[a]ny `rollover,' `extension' or `renewal' of a deferred deposit check for an additional fee may constitute interest." Prior to May 5, 1998, it was a...
CopyPublished | Florida 1st District Court of Appeal | 11 Fla. L. Weekly 2197, 1986 Fla. App. LEXIS 10052
interest of 20.6% per annum and, therefore, under section
687.02, Florida Statutes, the transaction was usurious
CopyAgo (Fla. Att'y Gen. 2000).
Published | Florida Attorney General Reports
and setting the maximum interest thereon.1 Section
687.02(1), Florida Statutes, provides that contracts
CopyPublished | United States Bankruptcy Court, M.D. Florida | 1983 Bankr. LEXIS 6595, 10 Bankr. Ct. Dec. (CRR) 1054
...ctly. In addition, this issue has been resolved with finality by the entry of a final judgment against the Debt- or by the State Court in the principal sum of $170,000, therefore, it is no longer subject to any further inquiry. Pursuant to Fla.Stat. § 687.02 (1981), interest on judgments accrues at the rate of 8% per annum and would accrue on the entire balance until a judgment is satisfied....
CopyPublished | District Court, S.D. Florida | 2013 WL 64616, 2013 U.S. Dist. LEXIS 3505
...Florida law defines a contract for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of a debt as usurious when the interest rate exceeds the equivalent of eighteen percent. Fla. Stat. § 687.02 (1)....
...ing permitted under Florida law, the Court does not find this flaw fatal to her claim. Williams’ Amended Complaint sufficiently states that she received a loan from Defendants, the Purchase and Finance Agreement was usurious pursuant to Fla. Stat. § 687.02 , and that the buy-back program instituted by Defendants was a sham to evade Florida’s usury laws....
CopyPublished | District Court of Appeal of Florida | 1977 Fla. App. LEXIS 15139
civilly usurious in violation of Florida Statutes §
687.02. The court also found that the borrowers had failed
CopyPublished | District Court, M.D. Florida | 2003 U.S. Dist. LEXIS 2825, 2003 WL 738752
...ss members other than her “experience.” Page 128, lines 11-17. IV. CONCLUSIONS OF LAW A. Motion for Summary Judgment 1. Count 1 Florida law imposes certain civil and criminal penalties on usurious transactions. Fla. Stat. Chapter 687. Fla. Stat. § 687.02 (1) states that: All contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, or upon any obligation whatever, at a higher rate of interest than the equivalent of 18 percent per annum simple interest are hereby declared usurious....
...Judgment shall be entered for actual damages, but in no ease less than the amount paid by the borrower to the loan broker, plus reasonable attorney’s fees and costs. An award may also be entered for punitive damages. Fla. Stat. §
687.031 states that: Sections
687.02 and
687.03 shall not be construed to repeal, modify or limit any or either of the special provisions of existing statutory law creating exceptions to the general law governing interest and usury and specifying the interest rates and charges wh...
CopyPublished | Florida 2nd District Court of Appeal | 11 Fla. L. Weekly 2651, 1986 Fla. App. LEXIS 10936
...If the $6,136, designated “prepaid finance charge” in the lender’s mandatory disclosure statement, was indeed prepaid interest as the appellant contends, the interest rate charged would be in excess of eighteen per cent per annum and usurious as defined by section 687.02(1), Florida Statutes (1985)....
CopyPublished | Florida 3rd District Court of Appeal | 13 Fla. L. Weekly 1913, 1988 Fla. App. LEXIS 3621, 1988 WL 81843
...he plaintiff in Brook v. Pasternak,
498 So.2d 1048 (Fla. 3d DCA 1986), supports the factual finding that the rate of interest reserved in the note and mortgage sued upon exceeded the twenty-five per cent limit provided by the criminal usury statute. §
687.02, Fla....
CopyPublished | Florida 4th District Court of Appeal
...nance charge permitted by section
520.08 on the unpaid balance. §
520.085, Fla. Stat. (2009). Here, it is undisputed that the interest rate of 27.810% was permissible under Chapter 520. 3 Under the usury statute, interest exceeding 18% is usurious. §
687.02, Fla....
...the transaction is specifically excluded under Chapter 687. The statute, however, expressly applies only to "contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of a debt." § 687.02(1), Fla....
CopyPublished | Florida 4th District Court of Appeal
...section
520.08(1)(d):
$8163.71 ÷ $11,883.01 = $16.48/year
4.17 years $100
-6-
Under the usury statute, interest exceeding 18% is usurious. §
687.02,
Fla....
...hapter 687. The statute,
however, expressly applies only to “contracts for the payment of interest
-7-
upon any loan, advance of money, line of credit, or forbearance to enforce
the collection of a debt.” § 687.02(1), Fla....
CopyPublished | United States Bankruptcy Court, S.D. Florida. | 8 Fla. L. Weekly Fed. B 57, 1994 Bankr. LEXIS 687
...th SLK having the exclusive right to repurchase same; and (d) The repurchase price would be substantially greater than the sales price. SLK asserts that the difference between the sale price and the repurchase price constituted usury under Fla.Stat. 687.02....
CopyPublished | District Court, S.D. Florida | 94 Fed. R. Serv. 3d 728, 2016 U.S. Dist. LEXIS 56105, 2016 WL 1622317
...The operative Fourth Amended Complaint, as limited by the Court’s Omnibus Order on Motions to Dismiss, asserts the following claims against CashCall and its President and CEO, Defendant John Paul Reddam: (1) violation of Florida’s usury statute, Fla. Stat. § 687.02 (Count I); (2) violation of Florida’s Deceptive and Unfair Trade Practices Act (“FDUTPA”), Fla....
