CopyCited 43 times | Published | Supreme Court of Florida
...take for any loan, except from a corporation, a rate of interest greater than 10 percent per annum. It further provided that transactions with a corporation shall be usurious and unlawful if for a rate of interest greater than 15 percent per annum. Section
687.04, Florida Statutes, provided that any person willfully violating the provisions of Section
687.03 should forfeit the entire interest contracted to be charged and should forfeit double the amount of the interest taken or reserved....
...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of laws in conflict herewith and all other statutory penalties for usury applicable to loans to corporations are hereby repealed.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....
...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....
...sions. 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....
...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 38 times | Published | Supreme Court of Florida | 63 A.L.R. 2d 920
...defendant, or in the alternative that the individual plaintiff recover judgment against the defendant in double the amount of interest so reserved, exacted, taken and paid to the defendant by the individual plaintiff, pursuant to F.S. §
687.03, and §
687.04, F.S.A....
CopyCited 32 times | Published | Supreme Court of Florida
...define usurious contracts and usurious rates of interest. Each of these sections provides that per annum rates of interest in excess of 10 per cent charged to individuals and in excess of 15 per cent per annum charged to corporations are usurious and unlawful. Section
687.04 provides that any lender wilfully violating the provisions of Section
687.03 shall forfeit the entire interest so charged and only the actual principal sum of a usurious contract can be recovered in any court....
...aled." Emphasis supplied.) It is readily apparent that the emphasized portion of paragraph (1) can only be construed as affecting the repeal, as to usurious loans to corporations, of all conflicting penalty and forfeiture provisions embraced in F.S. Section 687.04 and 687.07, F.S.A....
...eiture remedies afforded corporate borrowers in the latter portions of Chapter 65-299, any greater significance than we ascribe to the related term as used in the preceding portion of the same act. Furthermore, Section 687.11 repeals only so much of Section 687.04 with which it is clearly in conflict. Section 687.04 provides that anyone violating the 15 per cent per annum usury limit of F.S....
...This latter usurious interest may not now be enforced by the lender in court proceedings because of the prohibition in Section 687.11, but if exacted may be recovered by the corporate borrower from the lender pursuant to the unrepealed recovery provisions in Section 687.04....
CopyCited 28 times | Published | Supreme Court of Florida
...ce doctrine. See Davidson v. Davis,
59 Fla. 476,
52 So. 139 (1910). The usury law does not apply to the sale of bonds, or mortgages on those bonds, section
687.03(1), Florida Statutes (1975), or to the transfers of negotiable paper in certain cases, section
687.04, Florida Statutes (1975)....
CopyCited 21 times | Published | Florida 4th District Court of Appeal | 1996 WL 81785
...Criminal usury involves any loan amount with a rate of interest greater than 25% but not in excess of 45%. See §
687.071, Fla.Stat. (1993). The penalties for civil usury include forfeiture of all interest charged; the civil penalties for criminal usury are forfeiture of the right to collect the debt. See §
687.04, Fla.Stat....
CopyCited 15 times | Published | Florida 2nd District Court of Appeal
...the stock was taken as usurious interest. It was finally alleged that the foregoing was done with a knowing, willful and corrupt intent by plaintiff to exact a greater sum of money than allowed by law, invoking forfeiture provisions of F.S. Sections 687.04 and 687.07, F.S.A....
..."9. That although the retention by the lender of the Four Hundred Ninety-Nine Dollars ($499.00) referred to in Paragraph 5 was an excessive charge, the amount exacted did not exceed twenty-five per cent (25%); thus no forfeiture provisions of F.S.A. 687.04 are not operative." The Court entered judgment for the plaintiff in the amount of $22,001 plus interest on $20,000 from November 13, 1962, to May 28, 1965, at 15% per annum, totalling $7,625.38, making the total judgment, with costs, the sum o...
...We are not holding here that the transaction as passed upon by the lower court was or was not usury, either under F.S. Section 687.07, F.S.A., calling for forfeiture of principal and interest, sometimes referred to as the criminal usury statute, or under F.S. Section 687.04, F.S.A., calling for forfeiture of interest only, sometimes referred to as the civil usury statute, as the facts upon which those determinations are made must be developed before the lower court....
CopyCited 15 times | Published | Florida 1st District Court of Appeal | 10 Fla. L. Weekly 1191
...Donahey,
281 So.2d 239, *524 243 (Fla. 2d DCA 1973), cert. den.,
285 So.2d 28 (Fla. 1973). It is clear that Chapter 687, Florida Statutes, is a legislative declaration of a public policy against usury, as the statute contemplates both the forfeiture of usurious interest, Section
687.04, as well as the non-enforcement of a criminally usurious debt, Section
687.071(7)....
CopyCited 14 times | Published | Florida 2nd District Court of Appeal
...This recovery applied to an initial advancement of $10,000 made by plaintiff to defendant. Defendant-appellant contends on appeal that plaintiff had violated the criminal usury statute, section 687.07, Florida Statutes, F.S.A., rather than the civil usury statute, section 687.04 and could not recover anything in the suit, since the criminal statute provides that both principal and interest shall be forfeited under given circumstances....
CopyCited 14 times | Published | Florida 2nd District Court of Appeal | 10 Fla. L. Weekly 1827
...The only conclusion to be reached in this case is that a greater rate of interest than is allowed by law was neither paid nor agreed to be paid. Turning to the fourth necessary element, corrupt intent, we note that the statute imposes a penalty only on those lenders who "willfully" violate it. § 687.04, Fla....
CopyCited 14 times | Published | Florida 3rd District Court of Appeal | 1971 Fla. App. LEXIS 5434
...r advances, discounts, exchange, or by any contract, contrivance or device whatever, whereby the debtor is required or obligated to pay a sum of money greater than the actual principal sum received, together with interest at the rate of ten percent. Section 687.04 Fla....
CopyCited 14 times | Published | District Court, S.D. Florida | 1998 U.S. Dist. LEXIS 20387, 1998 WL 915364
...where there was no intention to evade the law" and the facts show that an unlawful rate of interest was "the result of mistake or accident, no penalty attaches." Id. Penalties for the commission of usury are only imposed on lenders who "willfully" violate the statute. See § 687.04, Fla....
CopyCited 12 times | Published | Florida 3rd District Court of Appeal
...On this basis, we computed the interest rate to be approximately 24% per annum and thus, the transaction is clearly usurious. Fla. Stat. §
687.03, F.S.A. Hence, plaintiff-appellee has forfeited thereby the entire interest charged and can enforce only the actual principal sum at law or in equity. Fla. Stat. §
687.04, F.S.A....
CopyCited 10 times | Published | Florida 4th District Court of Appeal | 1994 WL 316654
...Intent to charge a usurious rate, sometimes referred to as corrupt intent. Dixon v. Sharp,
276 So.2d 817 (Fla. 1973); Rollins v. Odom,
519 So.2d 652 (Fla. 1st DCA 1988), rev. denied,
529 So.2d 695 (Fla. 1988); Rebman v. Flagship First Nat'l Bank,
472 So.2d 1360 (Fla. 2d DCA 1985). *667 Under Florida law, sections
687.04 and
687.071, Florida Statutes (1993) provide statutory causes of action which allow a borrower to seek affirmative relief against a lender who has made a usurious loan....
...Criminal usury involves any loan amount with a rate of interest greater than 25% but not in excess of 45%. See §
687.071, Fla. Stat. (1993). The penalties for civil usury include forfeiture of all interest charged; the civil penalties for criminal usury are forfeiture of the right to collect the debt. See §
687.04, Fla....
...The lender argued that the disclaimer clause was credible evidence of lack of corrupt intent. The second district also questioned, but did not decide, whether a disclaimer clause can ever save the lender from criminal usury pursuant to section
687.01, because the "savings" provisions of Florida's usury laws, section
687.04(2), apply only to civil usury. Section
687.04(2) allows a lender a complete defense to civil usury if prior to the institution of an action by a borrower or the filing of a defense, the lender notifies the borrowers of any allegedly usurious overcharge and refunds the amount of any overcharge....
...On the other hand, a usury savings clause is an expression of the lender's intent to refund the usurious charges only after a claim of usury is raised and challenged by the borrower. We find the blanket application of a usury savings clause to defeat a usury claim as a matter of law to be inconsistent with section 687.04(2)....
...e doctrine. See Davidson v. Davis,
59 Fla. 476,
52 So. 139 (1910). The usury law does not apply to the sale of bonds, or mortgages on those bonds, section
687.031(1), Florida Statutes (1975), or to the transfers of negotiable paper in certain cases, section
687.04, Florida Statutes (1975)....
...ision used here or that limits its effect to an empty evidential consequence. On the contrary, one statutory provision that is more directly applicable to this case implies that the savings clause should be wholly efficacious to its obvious purpose: section 687.04(2), Florida Statutes (1993), expressly allows a post facto purge of any simple usury violation. To achieve the statutory purge, section 687.04(2) simply requires that, before any civil action has been filed, the lender must give the borrower notice of the amount of any usurious overcharge and tender a refund of the overcharge already collected, along with an "adjustment" of t...
CopyCited 10 times | Published | Florida 2nd District Court of Appeal
...determine the correctness of its finding as to the rate category of usurious interest charged and the penalty that it imposed. Section
687.03, F.S.A., provides that it shall be usury to charge interest on a loan in excess of ten per cent per annum. Section
687.04, F.S.A., imposes penalties for violation of §
687.03....
...The latter part of § 687.07 also makes the exaction of such interest a misdemeanor. Thus has the abbreviated description "criminal usury" come to be applied to interest charged in violation of § 687.07 as has the term "civil usury" been likewise applied to interest charged in violation of §
687.03 in conjunction with §
687.04....
...The face amount of the two notes taken by Home Credit, however, was for $8,749.20. Under prior decisions in this state, this amounted to a taking or reserving of $3,749.20 in interest for which, since usurious, the lender must forfeit double the amount of the interest reserved under § 687.04....
...tedness and the mortgage. The mitigation of forfeiture just referred to results from an anomalous situation in this case which will later be brought out. The reservation of the interest in this case in addition to "civil usury" under §§
687.03 and
687.04, F.S.A., also constituted "criminal usury" under § 687.07, F.S.A., in that in excess of twenty-five per cent per annum interest was reserved by operation of the two acceleration clauses which made no provision for the elimination of unearned interest in the installments precipitated to maturity in the event of default....
...laint. The penalty for "criminal usury" is forfeiture of the entire sum, both principal and interest under § 687.07, F.S.A. The anomaly previously mentioned results from a literal comparison of the double interest forfeiture for "civil usury" under § 687.04, F.S.A., with the forfeiture of both principal and interest for "criminal usury" under § 687.07. Applied to the facts of this case, the penalty for "civil usury" if literally construed exceeds the penalty for "criminal usury." Since § 687.07 appears to comprehend a greater penalty than § 687.04, the amount of forfeiture in this case should not exceed an amount necessary to effect a cancellation of the indebtedness and mortgage as stated supra....
...1957,
95 So.2d 18, it was held that principal and interest were properly forfeited for wilfully exacting interest in excess of twenty-five per cent per annum, but the lender was held not to be subject to the additional penalty of forfeiture of twice the amount of interest paid or reserved under §
687.04. The Court stated that §§
687.04 and 687.07 recognize and define degrees of usury and provide distinct and separate penalties which are not cumulative....
CopyCited 9 times | Published | Florida 3rd District Court of Appeal
...eiture of the interest as provided in subsection (1). See Tel Service Co., supra . However, where the usurious transaction involves a loan to a corporation in excess of $500,000, then the penalty will be as provided elsewhere in Chapter 687, to wit: Section 687.04, Florida Statutes (1975), which provides a penalty of double the amount of the interest....
CopyCited 9 times | Published | Florida 3rd District Court of Appeal
...ted." Appellant presented five points on appeal, which may be compressed into two: first, a contention that the transaction, despite the device used to make it appear otherwise, was a loan at a usurious rate of interest, in violation of §§
687.03,
687.04 and 687.07, Fla....
...The appellant is entitled to prevail on both points. Section
687.03, Fla. Stat., F.S.A., provides it shall be usury and unlawful to charge for any loan or for forbearance a rate of interest greater than a stated percentage, which, in the case of corporations is 15% per annum. Section
687.04 provides that for wilful violation of the provisions of §
687.03 there is a forfeiture of the interest contracted for and of double the amount of interest which has been taken, reserved or paid, with certain exceptions not important here....
...They were in the business of making loans, and admitted having engaged in from one hundred and fifty to two *225 hundred mortgage loan transactions. [3] The mortgage broker who acted as their agent in this instance had so represented them for years. Wilful violation as referred to in § 687.04, and "wilfully and knowingly" charging or accepting interest in excess of 25% per annum as referred to in § 687.07, mean wilfully and knowingly charging and accepting for the loan an amount in excess of the maximum interest allowed....
...Morris,
131 Fla. 46,
178 So. 564, 569-570; Shaffran v. Holness, Fla.App. 1958,
102 So.2d 35, 40. Accordingly, the decree is reversed and the cause is remanded for entry of a decree in favor of the plaintiffs and against the defendants as authorized under §§
687.04 and 687.07, Fla....
CopyCited 8 times | Published | Supreme Court of Florida
...Not all claims for money are legal actions triable by jury as a matter of right. Swofford v. B. & W., Inc.,
336 F.2d 406 (5th Cir.1964), cert. denied,
379 U.S. 962,
85 S.Ct. 653,
13 L.Ed.2d 557 (1965). In this case the Cerritos' counterclaim was based upon section
687.04, Florida Statutes (1981), which provides in pertinent part: Any person, or any agent, officer, or other representative of any person, willfully violating the provisions of s....
...1969). See also Moretto v. Sussman,
274 So.2d 259 (Fla. 4th DCA 1973). Except when usurious interest has already been paid and the party is seeking its return plus the statutory penalties, see Dezelle v. King,
91 So.2d 624 (Fla. 1956), we conclude that section
687.04 does not create a legal cause of action triable by jury....
...We therefore approve the decision of the district court of appeal and disapprove Smith v. Barnett Bank . It is so ordered. ADKINS, OVERTON, ALDERMAN, McDONALD and SHAW, JJ., concur. EHRLICH, J., dissenting with an opinion. EHRLICH, Justice, dissenting. I cannot agree with the majority's construction of section 687.04....
CopyCited 8 times | Published | Florida 1st District Court of Appeal | 1988 WL 800
...ursuant to section
687.03(3), Florida Statutes, amounted to an effective interest rate of 23.9 percent, or civil usury. The penalty assessed against the George, Margaret, and Elizabeth mortgage was double the interest actually collected, pursuant to section
687.04, Florida Statutes....
...The penalties for civil usury are forfeiture of all interest charged or contracted to be charged, so that only the actual principal sum of the contract can be enforced. In addition, if interest has been paid, double the amount of the interest received will be forfeited. § 687.04, Fla....
...Accordingly, the amended final judgments of foreclosure are reversed and these consolidated appeals are remanded with directions to enter an order of forfeiture of all principal and interest due under the combined transactions. SMITH, C.J., and WENTWORTH, J., concur. NOTES [1] § 687.04, Fla. Stat. (1981), provides in pertinent part: 687.04 Penalty for usury; not to apply in certain situations....
CopyCited 8 times | Published | Supreme Court of Florida
...Sailboat Key, Inc . that section 687.11(4) makes inapplicable as to loans in excess of $500,000 the penalty provisions of section *292 687.11(1) (forfeiture of interest collected), which in turn makes applicable the double interest penalty contained in section 687.04, Florida Statutes (1975)....
...eiture of the interest as provided in subsection (1). See Tel Service Co., supra . However, where the usurious transaction involves a loan to a corporation in excess of $500,000, then the penalty will be as provided elsewhere in Chapter 687, to wit: Section 687.04, Florida Statutes (1975), which provides a penalty of double the amount of the interest....
...stion adverse to CMI. See Woodgate Development Corporation v. Hamilton Investment Trust,
351 So.2d 14 [Fla. Supreme Court, opinion 1977].
354 So.2d at 73-74 (footnote omitted). Implicit in the above analysis is a determination that the provisions of section
687.04 relating to forfeiture of double the amount of interest collected retain their vitality as to a corporate borrower although determined in Tel Service Co....
...[4] Cross-petitioners assert, as they must, that section 687.11(4), enacted subsequent to the Tel Service Co. case, repealed section 687.11(1) insofar as loans exceeding $500,000 are concerned. They maintain, then, that in the absence of section 687.11(1) the controlling provision must be 687.04 relating to a penalty double the amount of interest collected, citing Woodgate Development Corp....
...s 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. Second, the legislative history of section
687.04 juxtaposed against section 687.11 as interpreted by this Court in Tel Service Co....
...te 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. Section
687.04 provided that any person willfully violating the provisions of section
687.03 should forfeit the entire interest contracted to be charged and should forfeit double the amount of the interest taken or reserved....
...Subsection (2) provided that all laws in conflict with section 687.11 and all statutory penalties for usury applicable to loans to corporations were repealed. In 1967, the legislature did not amend chapter 687, Florida Statutes. Accordingly, all sections of the statute including
687.04 and 687.11 were reenacted as the official law of the state in accordance with section
11.2421, Florida Statutes (1967). In 1969, the legislature enacted section
687.071 which repealed section 687.07 and substituted different penalties for loans exceeding 25% per annum. However, section
687.04 and section 687.11 were carried forward unchanged from the official 1967 statutes and reenacted into the official 1969 statutes....
...and then concluded: It is readily apparent that the emphasized portion of paragraph (1) can only be construed as affecting (sic) the repeal, as to usurious loans to corporations, of all conflicting penalty and forfeiture provisions embraced in F.S. Section 687.04 and 687.07, F.S.A....
...Thus the only penalty recoverable in this case is the forfeiture of all interest paid by the corporate borrower, i.e., the sum of $125,912.65, as was found by the District Court.
227 So.2d at 672. It is significant that this conclusion was reached at a point in time when both sections
687.04 and 687.11 had been carried forward twice in the customary statutory revision process. It is also important to note what portion of section
687.04 was held by the Court to be repealed by section 687.11(1). It was only the "conflicting penalty and forfeiture provisions embraced in [
687.04]" (emphasis supplied). The double interest provision of section
687.04 as applied to corporations conflicted with section 687.11(1) and, therefore, that portion of the section was repealed. As a consequence, section
687.04 retained its vitality as to individuals and as to corporations, but as to the latter the double interest recovery was eliminated....
...pply 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. But what are those penalties applicable to loans to corporate borrowers now contained in section
687.04? Cross-petitioners and the District Court of Appeal, Third District, respond that it is double the amount of the interest unlawfully collected....
...which held in 1969 that those provisions were repealed as to corporate borrowers. Furthermore, it can hardly be contended that the decision in Woodgate Development supports cross-petitioners' position when Tel Service Co. was neither cited nor discussed. If the double interest penalty of section 687.04 related to corporate borrowers was repealed in 1965 with enactment of section 687.11, what has occurred since that date to revive it? We know that it cannot be its continued inclusion in the revision process, for that was the state of facts existing at the time of the Tel Service Co. decision. Can the enactment of chapter 74-232, Laws of Florida, which added subsection (4) to section 687.11 accomplish such a feat? We think not. The argument, of course, is that the continued reenactment of both sections 687.04 and 687.11 up until 1974 may have cancelled out the double interest provisions of section 687.04 related to corporate borrowers because of the repealer language in section 687.11, but the enactment of section 687.11(4) in that year immobilized the repealer provisions as to loans in excess of $500,000....
...But even assuming the broader application of section 687.11(4) contended for by cross-petitioners, a second factor comes into play the law respecting repeal by implication and revival of repealed statutes. As a result of our opinion in Tel Service Co., it is beyond peradventure that the double interest provision of section 687.04 related to corporate borrowers was repealed....
...Jet Air Freight Delivery, Inc.,
264 So.2d 35 (Fla.3d DCA 1972). Furthermore, even if section 687.11(4) were construed to repeal subsections 687.11(1) and (2) as to loans in excess of $500,000, such would not revive the formerly repealed provision of section
687.04 dealing with double interest penalties as to corporate borrowers....
...to banks, Morris Plan banks, discount consumer financing, small loan companies and domestic building and loan associations. (4) The provisions of this section shall not apply to obligations which exceed $500,000. [2] Ch. 74-232, Laws of Florida. [3] § 687.04, Fla. Stat. (1975): 687.04 Penalty for usury, not to apply to transferee of negotiable paper unless usury appears on face....
...ame, in any court of competent jurisdiction in this state, together with an attorney's fee, as provided in §
687.06. [4] Ch. 65-299, Laws of Florida. [5] Ch. 65-299, Laws of Florida. [6] In which event the forfeiture of single interest provision of section
687.04 would apply because it is duplicative of the penalty expressed in 687.11(1).
CopyCited 7 times | Published | Florida 1st District Court of Appeal
...However, an action for the recovery of money as damages was among the class of cases in which the common law afforded a right of jury trial. Dairy Queen, Inc. v. Wood,
369 U.S. 469,
82 S.Ct. 894,
8 L.Ed.2d 44 (1962); Waddell v. State ex rel. Meeks, 235 Ark. 293, 357 S.W.2d 651 (1962). The right of action afforded by Section
687.04, Florida Statutes (1975) is a right of action for money damages, for which a jury trial is appropriate....
CopyCited 7 times | Published | Court of Appeals for the Eleventh Circuit | 1986 U.S. App. LEXIS 32410
...iola-tive of Florida’s usury laws; (2) that, if the loan was violative of Florida’s usury statutes, the civil penalty for criminal usury imposed by Fla.Stat. §
687.071(7) could not have been avoided by a timely cure notice pursuant to Fla.Stat. §
687.04(2); and (3) that, assuming the civil penalty for criminal usury could be avoided by a timely cure notice, Beausejour’s “cure notice” did not comply with the requirements of the Florida law....
...Since we find that the lower courts were not clearly erroneous in finding that the transaction was violative of Florida’s usury statutes, and since the lower courts correctly ruled that the cure notice did not comply with the requirements of Fla.Stat. § 687.04(2), we affirm the order of the district court....
...Beausejour asserts that the district court erred in affirming the bankruptcy court’s decision that the civil penalty for criminal usury imposed by Fla.Stat.Ann. §
687.071(7) (West Supp.1986) 1 cannot be avoided by compliance with the cure provisions of Fla.Stat.Ann. §
687.04(2) (West Supp.1986). 2 We need not decide this question because, assuming arguendo that the cure provisions apply to criminally usurious loans, Beausejour did not comply with the requirements of §
687.04(2)....
...the amount of any overcharge plus interest on the overcharge; and (3) make whatever adjustments in the contract or account which are necessary to ensure that the borrower will not be required to pay further interest at usurious rates. Fla.Stat.Ann. § 687.04(2)....
...est was taken, to the borrower and makes whatever adjustments in the appropriate contract or account as are necessary to ensure that the buyer will not be required to pay further interest in excess of the amount permitted by s.
687.03. Fla.Stat.Ann. §
687.04(2) (West Supp.1986).
CopyCited 7 times | Published | Florida 3rd District Court of Appeal
...Sections
687.02 and
687.03, Fla. Stat., F.S.A., provide that interest exceeding 15% per annum, as to corporations, and interest exceeding 10% per annum, as to individuals, is usurious and unlawful, subject to certain exceptions not important here. Section
687.04 permits a borrower under such a usurious contract, which represents a wilful violation of the provisions of §
687.03, to receive credit for or recover double the amount of usurious interest which has been reserved by the lender or been paid. These usury statutes (§§
687.03 and
687.04, ibid.) show a clear legislative intent to prevent accomplishment of the *684 objects forbidden, by the use of any scheme or device whatsoever or by any indirect process....
...per annum; (c) that such contrivance or device was wilfully adopted and employed by the defendants and was a deliberate and flagrant violation of the provisions of such
687.03; and (d) that the defendants are subject, therefore, to the penalties prescribed by the provisions of section
687.04 of the Florida Statutes [F.S.A.]....
CopyCited 7 times | Published | Florida 3rd District Court of Appeal
...iff was not guilty of "wilfully violating the provisions of §
687.03 [Fla. Stat., F.S.A.] and was without any corrupt or illegal intent, and was an innocent party in this transaction, and is therefore not subject to any of the penalties provided in §
687.04 F.S.A." In so holding the trial court was in error and we reverse....
...of interest in excess of 10% per annum. The loan was usurious, and having pleaded usury the borrower was entitled to forfeiture of the interest, under §
687.03 Fla. Stat., F.S.A., and double the amount of the usurious interest which was paid, under §
687.04....
...sum received, together with interest at the rate of ten per cent; and such transactions with the corporation shall, whereby the corporation pays interest, be usury and unlawful if for a rate of interest greater than fifteen per cent per annum." [2] § 687.04 Fla....
CopyCited 6 times | Published | Florida 3rd District Court of Appeal
...In support of this position it is urged the original complaint did not contain an allegation that the usury was wilfully charged, and therefore, no cause of action was stated until Nov. 9, 1956, when the court permitted an amendment instanter to add the word "wilful." See Section 687.04, Fla....
...Neeb, supra, was a suit by the lender to enforce a note and mortgage evidencing a loan to the defendants herein. The borrowers answered pleading usury as provided by sections 4851 and 4852, Revised General Statutes of Fla. 1920 (Sections
687.03, and
687.04 Fla....
...and it is not apparent from the decision. An examination of the encyclopedias and digests do not provide us with a rule that has been generally followed or that is the weight of authority on the question. The language of the penalty statute, (Sect. 687.04 Fla....
CopyCited 6 times | Published | Supreme Court of Florida | 1952 Fla. LEXIS 1049
...the debt should be held to be forfeited, but remanded the cause to the Master for further testimony on the question of whether the interest charged was more than 10 per cent and thus subject to forfeiture under the provisions of Sections
687.03 and
687.04, Florida Statutes, F.S.A....
...A violation of Section 687.07 will be referred to in this opinion as "criminal usury." Section
687.03 provides that "It shall be * * * unlawful for any person, * * * to reserve, charge or take for any loan * * * a rate of interest greater than ten per cent per annum, either directly or indirectly * * *"; and Section
687.04 provides for the forfeiture of double the amount of interest so reserved, *33 charged or taken....
...as a commission. We hold, then, that the obligation here sought to be foreclosed was civilly usurious at its inception and that the lender must forfeit double the amount of interest "reserved, charged, or taken," in accordance with the provisions of Section 687.04....
CopyCited 6 times | Published | Supreme Court of Florida
...87.03 Florida Statutes 1951 [F.S.A.]. "Wherefore, Plaintiff claims damages and judgment against Defendants for Twelve Thousand Dollars ($12,000.00), being double the amount of interest so exacted, taken and received by Defendants, in accordance with Section
687.04, Florida Statutes 1951 [F.S.A.], providing therefor." The sum of $6,000 charged as interest for Fifty Thousand Dollars ($50,000) payable at the rate of $2,333.33 per month for twenty-four months appears to exceed the rate of 10% per annum and is therefore unlawful and violates Sec.
687.03, Florida Statutes Annotated. Section
687.04, F.S.A....
CopyCited 6 times | Published | Florida 1st District Court of Appeal
...d the maximum rate of 10% interest?" We accordingly affirm the trial court as to the points raised by appellant. Davis cross assigned as error the amount of the money judgment as fixed by the trial court. We find that point to merit our attention. F.S.
687.04 provides: "Any person, or any agent, officer or other representative of any person, willfully violating the provisions of §
687.03 shall forfeit the entire interest so charged, or contracted to be charged or reserved, and only the actual p...
...243 that: "There are two entirely different divisions of the section. The first provides for a forfeiture when usury has been knowingly contracted for and such usury entered into the note; the second provides for the recovery back of all interest paid when said interest is in part usurious." Our own F.S. 687.04, though not applicable to a national bank, has similar wording and has been construed similarly....
CopyCited 5 times | Published | Florida 4th District Court of Appeal
...Accordingly, the judgment below is affirmed in part and reversed in part. LETTS, J., and LEVY, DAVID L., Associate Judge, concur. NOTES [1] Both the state and federal usury statutes require the lender to pay double the amount of all interest collected if a loan is found to be usurious. See § 687.04, Fla....
CopyCited 4 times | Published | Florida 1st District Court of Appeal | 10 Fla. L. Weekly 2763
...... can the right to a jury trial of legal issues be lost through prior determinations of equitable claims." Id. at 1022. In Cerrito, the supreme court affirmed the denial of a right to a jury trial because the Cerritos' claim of usury was based on Section 687.04, Florida Statutes, which creates no vested substantive right but only an enforceable penalty, and does not create a legal cause of action triable by jury....
CopyCited 4 times | Published | Florida 1st District Court of Appeal
...n violation of Section
687.03, Florida Statutes, F.S.A., which makes it unlawful for any person to reserve, except upon an obligation of a corporation, a rate of interest greater than 10% per annum, and defendant asserted that she was entitled under Section
687.04, Florida Statutes, F.S.A., to exact against the plaintiff, as a penalty for said usury, a forfeiture in double the amount of the interest so reserved....
...action thereof. Defendant's assignments of error challenge the decree appealed on the ground that it was error not to assert against the plaintiff and in favor of defendant a penalty of double the amount of usurious interest reserved, as provided by Section 687.04, Florida Statutes, F.S.A....
...Except in certain instances not applicable to this suit, Section
687.03, Florida Statutes, F.S.A., makes it unlawful and usurious to exact from a private person interest in excess of 10% per annum, or from a corporation interest in excess of 15% per annum. Section
687.04, Florida Statutes, F.S.A., provides that one who willfully violates the provisions of Section
687.03 shall forfeit the entire interest 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. It is also provided by Section
687.04 that when said usurious interest has been taken or reserved, or has been paid, the person who has taken or reserved, or who has been paid same, shall forfeit double the amount thereof to the party from *861 whom it has been reserved, taken or exacted....
...e transaction. Allen, J., speaking for the court, held that the inclusion of interest in the face amount of the two notes in suit amounted to a taking or reserving of usurious interest on the transaction, in consequence whereof the lender must under Section 687.04 forfeit double the amount of the usurious interest reserved and that such forfeiture must be deducted from the amount actually received by the mortgagor and not from the greater amount recited on the face of the notes and mortgage....
...In that context it was said: "The mitigation of forfeiture just referred to results from an anomalous situation in this case which will later be brought out. The reservation of the interest in this case in addition to `civil usury' under §§
687.03 and
687.04, F.S.A., also constituted `criminal usury' under § 687.07, F.S.A., in that in excess of twenty-five per cent per annum interest was reserved by operation of the two acceleration clauses which made no provision for the elimination of unearned interest in the installments precipitated to maturity in the event of default....
...aint. "The penalty for `criminal usury' is forfeiture of the entire sum, both principal and interest under § 687.07, F.S.A. The anomaly previously mentioned results from a literal comparison of the double interest forfeiture for `civil usury' under § 687.04, F.S.A., with the forfeiture of both principal and interest for `criminal usury' under § 687.07. Applied to the facts of this case, the penalty for `civil usury' if literally construed exceeds the penalty for `criminal usury.' Since § 687.07 appears to comprehend a greater penalty than § 687.04, the amount of forfeiture in this case should not exceed an amount necessary to effect a cancellation of the indebtedness and mortgage as stated supra....
...1957,
95 So.2d 18, it was held that principal and interest were properly forfeited for wilfully exacting interest in excess of twenty-five per cent per annum, but the lender was held not to be subject to the additional penalty of forfeiture of twice the amount of interest paid or reserved under §
687.04. The Court stated that §§
687.04 and 687.07 recognize and define degrees of usury and provide distinct and separate penalties which are not cumulative....
...sums." See also First Mortgage Corp. of Vero Beach v. Stellmon,
170 So.2d 302 (Fla.App. 1964), cer. den. Fla.,
174 So.2d 32 (1965). Here as in the Brown case, supra, the defendant (appellant) was entitled to the benefits of the forfeiture imposed by Section
687.04, Florida Statutes, F.S.A., and it was error to deny it....
CopyCited 3 times | Published | Florida 2nd District Court of Appeal
...Thus, the usury issue raised by appellants' answer was not dispelled by Mr. Blankenship's affidavit. Appellees argue that the appellants' evidence and arguments fail to address the promissory note's disclaimer clause and that such clause is credible evidence of lack of corrupt intent. The "savings clause" found in section 687.04(2), and as set forth in the promissory note applies only to civil usury....
CopyCited 3 times | Published | Florida 3rd District Court of Appeal
...They argue: (a) appellee failed to present any evidence of the amount of interest and attorney's fees it was entitled to under the note and mortgage prior to entry of the judgments; (b) under the totality of the circumstances, appellee failed to purge the usurious interest pursuant to section 687.04(2), Florida Statutes (1979); (c) sufficient evidence established appellee's "corrupt intent"; and (d) the interest awarded on the note should have been assessed at the statutory rate of twelve percent, not eighteen percent, to run from the date of the alleged purge instead of from the inception of the loan....
...Kozloski,
377 So.2d 811 (Fla. 4th DCA 1979). We turn next to the questions of whether appellee possessed "corrupt intent" to charge more than the legal rate of interest and whether appellee effectively purged itself of the usurious interest rate under section
687.04(2)....
CopyCited 3 times | Published | United States Bankruptcy Court, M.D. Florida | 1984 Bankr. LEXIS 6380
...Count II is also an action for declaratory relief and seeks a declaration, in the event this Court determines the instant transaction to be criminally usurious, that the transaction was purged from the taint of usury by notice sent by Beausejour in compliance with Fla.Stat. § 687.04(2)....
...Offshore filed a counterclaim and in Count I seeks a declaratory judgment finding the transaction with Beausejour to be criminally usurious and, therefore, an unenforceable obligation pursuant to Fla.Stat. §
687.071(7) which cannot be purged by sending a notice pursuant to Fla.Stat. §
687.04(2)....
...Except as modified above, the Note and Mortgage shall remain in full force and effect." Beausejour asserts that the preceding portion of this letter purged the transaction of the taint of criminal usury if there was one and the letter satisfied the notice provision of Fla.Stat. 687.04(2)....
...r. Having decided that the loan was in excess of the 45% maximum allowed by law and, therefore, criminally usurious, this Court must now determine whether Beausejour purged the transaction of criminal usury by sending a notice pursuant to Fla. Stat. § 687.04. This Section provides, in pertinent part, as follows: § 687.04....
...nd 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. Whether the purging provisions set forth in §
687.04(2) above apply to transactions which are criminally usurious has not been answered by the courts of this state and, therefore, this is a case of first impression. The first sentence of §
687.04 indicates that a forfeiture of interest will occur if the provisions of §
687.03 are violated....
...e of Fla.Stat. §
687.071(7) which states that "no extension of credit made in violation of any provisions of this section shall be enforceable debt in the courts of this state," (emphasis supplied) is at odds with the curing provisions set forth in §
687.04(2). However, this Court finds that the principles of meaningfulness and harmony *103 set forth in Wilsenky, supra can only be fostered by concluding that the civil purging provision set forth in §
687.04(2) does not apply to instances of criminal usury....
...to create a "good faith" type of defense for lenders who discover their error and rectify it. In addition, the CLE manual entitled, Practice Under Florida Usury Law, at section 2.9 (August 1980), provides at page 32: An important limitation on F.S. § 687.04(2) however, must be noted....
...rest in excess of the maximum amount. Thus, the lender would purge the taint of criminal usury from the transaction, be released from jail and continue to receive payments on the loan plus interest at the maximum allowable rate. Clearly, in enacting § 687.04(2), the legislature did not intend for the lender to hold the key to the jail cell....
...Thus, subsection 7 specifically makes a violation of the provisions of §
687.071 an unenforceable debt in the courts of this state. Even assuming, for the sake of argument, that Beausejour is correct in its assertion, it is clear that Beausejour failed to comply with the notice provisions set forth in §
687.04(2)....
CopyCited 3 times | Published | Florida 2nd District Court of Appeal
...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 2nd District Court of Appeal | 2010 Fla. App. LEXIS 13413, 2010 WL 3515674
...After a bench trial, the trial court specifically found that Dixon had a usurious intent; however, it found that the loan was only civilly and not criminally usurious. Thus, the court permitted Dixon to foreclose on the property, but he was required to forfeit double the interest he had collected as a penalty pursuant to section 687.04....
...Velletri appealed the final judgment, contending that the trial court erred by finding that the loan was only civilly usurious rather than criminally usurious. Dixon cross-appealed, contending that the trial court erred by finding that the loan was usurious at all. Sections
687.03,
687.04, and
687.071 provide statutory causes of action which allow a borrower to seek affirmative relief against a lender who has made a usurious loan....
...n 25 percent. See §
687.03(1). Criminal usury involves any loan amount with an interest rate greater than 25 percent. See §
687.071(2). [2] The penalties for civil usury include forfeiture of double the interest actually charged and collected. See §
687.04....
...debtedness, both principal and interest."). However, Velletri claims she is entitled to more than that. She contends that she should be entitled to both cancellation of the note under section
687.071(7) and an award of double the interest paid under section
687.04essentially a combination of the remedies for both civil and criminal usury....
...When a debt is criminally usurious, the remedy is cancellation of the debt itself and a return of any amounts paid. There is no authority for cumulating the penalties for both civil and criminal usury, and, in fact, the authority is to the contrary. See Rosenblum v. Hart,
95 So.2d 18, 19-20 (Fla. 1957) (noting that sections
687.04 and
687.071 recognize and define different degrees of usury and provide distinct and separate penalties which are not cumulative); Brown,
137 So.2d at 893 (same); Gordon v....
...of Pensacola, Inc.,
177 So.2d 859, 862 (Fla. 1st DCA 1965) (same); Coral Gables First Nat'l Bank v. Constructors of Fla., Inc.,
119 So.2d 741, 748-49 (Fla. 3d DCA 1960) (same). Contrary to Velletri's assertions, no court has held that the remedies provided in sections
687.04 and
687.071(7) are cumulative of each other....
CopyCited 2 times | Published | District Court, S.D. Florida | 2007 WL 294133, 2007 U.S. Dist. LEXIS 6191
...in excess of 25% simple interest per annum "shall be an enforceable debt in the courts of this state.". Florida's usury statutes apply to "a rate of interest" charged against any loan or identified advance of money. Fla. Stat. §
687.03(1). However, Section
687.04 provides that the interest on loans or advances of money greater than $500,000.00, shall not, for purposes of determining usury, apply to any return on any advance of money "the value of which substantially depends on the success of th...
CopyCited 1 times | Published | District Court of Appeal of Florida
...Walter, Inc., and Mid-State Investment Company, corporations, in which they sought a decree declaring a certain note and mortgage given by plaintiffs to J. W. Walter, Inc., to be usurious and to visit upon the alleged usurers the consequences provided in Section 687.04, Florida Statutes, F.S.A....
...They further contend that the aggregate of the 48 monthly installments of $46.39, namely $2,226.72, would yield interest at the rate of 15.35% per an-num in violation of Sections
687.02 and
687.03, Florida Statutes, F.S.A., and thus subject the payee and mortgagee to the penalties and forfeitures set forth in Section
687.04, Florida Statutes, F.S.A, In support of their position they cite Richter Jewelry Co....
CopyCited 1 times | Published | District Court of Appeal of Florida
...tes, Chapter 687, F.S.A. Section
687.03, F.S.A. provides that when a creditor makes a charge, directly or indirectly, whereby the debtor is obligated to pay á sum of money greater than the principal sum received plus interest at 10% it is usurious. Section
687.04 provides that whoever willfiitty violates the provisions of preceding Section
687.03 shall forfeit to the party from whom such usurious interest has been exacted double the amount of the interest so exacted....
CopyCited 1 times | Published | United States Bankruptcy Court, S.D. Florida. | 1993 Bankr. LEXIS 1096
...ract, contrivance, or device whatever whereby the debtor is required or obligated to pay a sum of money greater than the actual principal sum received, together with interest at the rate of the equivalent of 18% per annum simple interest." Fla.Stat. § 687.04 expressly provides that when usurious interest "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 us...
.... ." Fla.Stat. §
687.071(7) provides that "no extension of credit made in violation of any of the provisions of this section shall *717 be an enforceable debt in the courts of this state." It is well settled under Florida law that both Fla.Stat. §§
687.04 and
687.071 provide statutory causes of action which allow a borrower to seek affirmative relief against a lender who has made a usurious loan, as defined by the statutes....
...3d DCA 1974), disapproved on other grounds, Catogas v. Southern Federal Savings & Loan,
369 So.2d 922 (Fla.1979). In the case of civil usury in violation of Fla.Stat. §
687.03, the borrower's remedy is to seek forfeiture of twice the amount of interest actually paid by the borrower. See Fla.Stat. §
687.04; Dezell v....
...The Interest Rate Paid on the Notes As discussed above, the evidence presented at trial clearly showed that Defendant received what could only logically be characterized as interest from Omni on the Notes at rates in excess of the statutory maximums set forth in Fla.Stat. §§
687.04 and
687.071....
CopyCited 1 times | Published | United States Bankruptcy Court, M.D. Florida | 21 Collier Bankr. Cas. 2d 185, 1989 Bankr. LEXIS 787, 1989 WL 54434
...usurious promissory note. Suncrete, on the other hand, argues that under Florida law, the penalty for usury based upon an interest rate less than 25% is limited to the forfeiture of interest. The Court agrees with Suncrete. The pertinent portions of §
687.04, Florida Statutes, read as follows: Any person, or any agent, officer, or other representative of any person, willfully violating the provisions of §
687.03 shall forfeit the entire interest so charged, or contracted to be charged or reser...
CopyCited 1 times | Published | United States Bankruptcy Court, M.D. Florida | 1986 Bankr. LEXIS 5620
...It is unlawful for any person or entity to enforce collection of an usurious interest rate. F.S.A. §
687.03. If any person or entity through a representative willfully violates §
687.03 by enforcing a usurious interest rate, that person or entity forfeits the entire interest so charged. F.S.A. *494 §
687.04....
...ther at law or in equity. Id. If the Court finds that an usurious interest rate is involved then it has authority as a court of equity to look behind the state court judgment and determine whether the interest charged is forfeited pursuant to F.S.A. § 687.04....
CopyCited 1 times | Published | Florida 4th District Court of Appeal | 1978 Fla. App. LEXIS 14881
...At the time the loan was executed, the maximum interest chargeable to an individual was 10%. Fla. Stat. §
687.03 (1973). Treating the $4,000.00 as interest, therefore, would render the transaction usurious and would subject Barnett Bank to the large monetary penalties provided for under Fla. Stat. §
687.04....
CopyCited 1 times | Published | Florida 3rd District Court of Appeal
...udgment declaring plaintiff's $150,000.00 note unenforceable under Section
687.071(7), Florida Statutes. A judgment for the defendants was entered against plaintiff in the sum of $21,042.00, which represented a penalty of double interest pursuant to Section
687.04, Florida Statutes, together with a judgment for plaintiff on defendants' counterclaim for attorney's fees under Section
687.04, Florida Statutes....
...Accordingly, we reverse the summary judgment. While the question of attorney's fees raised herein may ultimately be rendered moot, depending upon the outcome of the trial, we agree with the trial court's judgment that attorney's fees are not authorized under Section 687.04, Florida Statutes....
CopyCited 1 times | Published | Supreme Court of Florida
...00 mortgages were purchased after maturity for the face value and accrued interest. The $5,000 mortgages had been assigned '-to appellant, and the original mortgagee had received a discount of 3% of the face amounts. We are aware of the provision in Section 687.04, Florida Statutes 1951, and F.S.A., that in order to hold a purchaser of negotiable paper before maturity responsible for usury, the usurious chárge must appear on the face of the instrument or the put-chaser must be shown to have had...
CopyCited 1 times | Published | Florida 5th District Court of Appeal | 1991 WL 148349
...The reference in section
895.02(2)(a)3., of the RICO Act defining "unlawful debt" as a legally unenforceable debt incurred or contracted in violation of Chapter 687 appears to relate, not only to the criminal usury provisions of
687.071(2) and (3) ( see §
687.071(7), Fla. Stat.) but also to the civil penalty in section
687.04 which provides, in effect, that interest charged in willful violation of section
687.03 (interest in excess of 18% per annum) is forfeited and that a contract for such interest is a legally unenforceable debt....
...Section
895.03(3), the basis for Count 5, makes it a first degree felony for a person employed by, or associated with, any enterprise to collect an unlawful debt and the definition of an "unlawful debt" under section
895.02(2)(a)3. includes a debt for interest legally unenforceable under section
687.04 because it is in excess of 18% provided in section
687.03; whereas "receiving" usurious interest exceeding 25% but not 45% is but a second degree misdemeanor under section
687.071(2)....
CopyCited 1 times | Published | Florida 4th District Court of Appeal
...o whether the sale was made in a commercially unreasonable fashion. CAC contends that the court applied the wrong statute in determining the applicable usury penalty. The final judgment imposed a usury penalty of double the interest paid pursuant to section 687.04, *659 Florida Statutes (1981). This we find to be error, no doubt contributed to by our original opinion in the case citing to section 687.04(1), Florida Statutes (1981)....
...ting penalty at the time the loan was made. Generally, the usury law to be applied is that in effect at the time the court renders its decision unless the then current law provides otherwise. The statute in effect at the time of the decision herein, section 687.04, Florida Statutes (1981), provides for a penalty of double the interest received....
CopyPublished | District Court of Appeal of Florida | 9 Fla. L. Weekly 2124, 1984 Fla. App. LEXIS 15265
...We reject that argument because the stipulation did not involve an abandonment of the usurious note and the execution of a new note at lawful interest as did Munilla v. Perez-Cobo,
335 So.2d 584 (Fla. 3d DCA 1976), relied on by CAC. Next, CAC suggests the transaction was exempt from the usury statutes by virtue of Section
687.04(1), Florida Statutes (1981)....
CopyPublished | Florida 3rd District Court of Appeal
...They are correct.
They maintain the reason for the miscalculation is because the trial
court incorrectly cumulated the damages permitted under the “criminal”
usury statue, §
687.071, Florida Statutes, with the “civil” usury statute, §
687.04, Florida Statutes....
CopyPublished | District Court of Appeal of Florida | 10 Fla. L. Weekly 1355, 1985 Fla. App. LEXIS 14225
GRIMES, Judge. This is an appeal from a usury judgment directing the recovery of double interest pursuant to section 687.04, Florida Statutes (1973)....
...Bank on the theory that Sun Bank had forced the individual plaintiffs to incorporate as Spigrin, Inc., as a device or artifice to evade the Florida usury laws. They sought double the interest “exacted, taken and received” by Sun Bank pursuant to section 687.04, Florida Statutes (1973)....
CopyPublished | District Court, S.D. Florida | 2017 U.S. Dist. LEXIS 32281, 2017 WL 2366472
...he loan documents. In response, Plaintiffs primarily focus on Defendants’ arguments that they waived a usury claim or defense, arguing that Defendants have conflated the Florida law applicable to a “purge” agreement in a private contract under Section 687.04(2) and Florida law applicable to stipulations or agreements that settle ongoing litigar *1277 tion. Plaintiffs argue there was no valid “purge” agreement under Section 687.04(2), which would preclude their usury claims....
CopyPublished | District Court of Appeal of Florida | 1979 Fla. App. LEXIS 14401
...e statute, which it is not. The trial court further reasoned that the forfeiture of interest was not barred by Section
95.11(6) Florida Statutes (1973). The court analogized the balloon mortgage statute with a similar provision in the usury statute, Section
687.04, Florida Statutes (1977)....
CopyPublished | District Court of Appeal of Florida | 1993 Fla. App. LEXIS 3006, 1993 WL 75795
...Blankenship’s affidavit. Appellees argue that the appellants’ evidence and arguments fail to address the promissory note’s disclaimer clause and that such clause is credible evidence of lack of corrupt intent. The “savings clause” found in section 687.04(2), and as set forth in the promissory note applies only to civil usury....
CopyPublished | District Court of Appeal of Florida | 1974 Fla. App. LEXIS 6799
...§
687.071, F.S.A. Thus, Count I of appellants’ second amended complaint did not state a cause of action for recovery of both principal and interest under either of the aforementioned statutes. However, Count I does state a cause of action under F.S. §
687.04, F.S.A., for recovery of interest resulting from a violation of F.S....
CopyPublished | Supreme Court of Florida | 48 A.L.R. 2d 397
require that any person who wilfully violates Section
687.04 shall forfeit the entire interest charged.
CopyPublished | District Court of Appeal of Florida | 1977 Fla. App. LEXIS 15139
forfeiture of interest prescribed by Florida Statutes §
687.04. We do not agree. The question here is not whether
CopyPublished | Florida 5th District Court of Appeal
...1st DCA 1976); Curtiss National Bank of Miami v. Solomon,
243 So.2d 475 (Fla.3d DCA 1971); River Hills, Inc. v. Edwards,
190 So.2d 415 (Fla.2d DCA 1966). Accordingly, the judgment is reversed and this case is remanded for imposition of damages against the bank, pursuant to section
687.04 and other appropriate charges....
...They do not take into consideration any charge for securing participating lenders. It does not appear to me that $417.78 is an unreasonable charge for all services other than inspections so as to make the transaction usurious and imposes damages under section 687.04....
...denied,
364 So.2d 880 (1978). [2] At the time the loan was consummated, the maximum interest rate chargeable to an individual was 10%. Section
687.03, Florida Statutes (1973). If the 10% rate was exceeded the bank would be subject to the penalties provided in section
687.04, Florida Statutes (1973)....
CopyPublished | District Court of Appeal of Florida | 1976 Fla. App. LEXIS 14657
fails to show that ap-pellee willfully violated Section
687.04, Florida Statutes. Accordingly, the final judgment
CopyPublished | District Court of Appeal of Florida | 1982 Fla. App. LEXIS 22198
trial... . The right of action afforded by Section
687.04, Florida Statutes (1975) is a right of action
CopyPublished | District Court of Appeal of Florida | 11 Fla. L. Weekly 1765, 1986 Fla. App. LEXIS 9264
...t agreed by the parties was between 18% and 25% per year. The court awarded Medina $105,-385.95, which equalled the principal amount of the loan minus double the amount of interest (the court imposed the double interest penalty for usury pursuant to section 687.04, Florida Statutes (1981)) plus taxable costs....
...t interest. Medina argues that a creditor is entitled to recover prejudgment interest computed at the legal rate from the due date of the loan to the date of judgment despite the fact that the transaction in question involves usury. We cannot agree. Section
687.04, Florida Statutes (1981), provides that a creditor to a usurious contract “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_” (Emphasis added.) In Purvis v. Frink,
61 Fla. 712 ,
54 So. 862 (1911), the Florida supreme court construed a predecessor statute to section
687.04—sec-tion 3106, General Statutes of the State of Florida (1906)—which contains the same language quoted above....
...Physicians Protective Trust Fund,
489 So.2d 869 (Fla. 3d DCA 1986); Keys Lobster, Inc. v. Ocean Divers, Inc.,
468 So.2d 360, 362 (Fla. 3d DCA), rev. denied,
480 So.2d 360 (1985). Medina’s third contention is that the trial court erred in imposing the double interest penalty pursuant to section
687.04. Specifically, Medina argues that the interest was not “reserved, taken, or exacted,” but was merely “contracted to be charged.” §
687.04, Fla.Stat....
CopyPublished | District Court of Appeal of Florida
...If Kindel had compounded interest over this period of time as alleged by the appellant, the renewal note would have been in excess of the one actually made. From the evidence adduced in this case, we cannot conclude that a usurious scheme was involved. Florida Statute, § 687.04, F.S.A., requires a wilful violation before the penalty provisions can be invoked for usury....
CopyPublished | District Court of Appeal of Florida | 1968 Fla. App. LEXIS 5672
the penalties be paid as provided under Florida Statute
687.04, F.S.A., such relief being determined by
CopyPublished | Florida 5th District Court of Appeal | 1971 Fla. App. LEXIS 6680
penalty and forfeiture provisions embraced in F.S.
687.04 and 687.07, F.S.A., the only penalty recoverable
CopyPublished | Florida 2nd District Court of Appeal | 1972 Fla. App. LEXIS 6624
therefor are creatures of statute. A reading of section
687.04, Florida Statutes, makes it clear that forfeiture
