Florida/Georgia Personal Injury & Workers Compensation

...es not expressly authorize the creditor to pass the tax on to the consumer." This conclusion appears to be erroneous. Florida law expressly authorizes creditors to pass on the intangible tax to borrowers through Fla.Stat. § 665.074(1) and Fla.Stat. § 687.12(1)....

...Florida Statute § 665.074(1) expressly authorizes savings and loan associations to charge borrowers for reasonable expenses incurred in making real estate loans, including "taxes or charges imposed upon or in connection with the making and recording of any loan." Fla.Stat. § 665.074(1). Florida Statute § 687.12(1) extends the provisions of § 665.074 to all lenders licensed under Florida law, including mortgage companies....

...es. Mortgage Finance Consultants, Inc., a subsidiary of Mortgage Finance Funding, Inc., was the originator on the subject mortgage and is a duly licensed mortgage broker under Chapter 494 of the Florida Statutes. Mortgage Finance asserts that F.S.A. § 687.12, a parity statute, creates an exception for certain lendors or creditors who would otherwise be subject to the provisions of Chapter 687 if the lendor or creditor indicates on the instrument evidencing the loan the ". . . specific chapter of the Florida Statutes authorizing the interest rate charged." F.S.A. § 687.12(4). The subject mortgage note reads that the interest rate charged by Mortgage Finance was authorized by F.S.A. § 665.077 and that this language constituted notice as required by F.S.A. § 687.12(4)....

...The appellants argue that Section 665.077 is not applicable to the subject loan because Capital Bank is not an “association” as defined by Section 665.012(1), Florida Statutes (1989). 2 Even though Capital Bank is not an “association,” Section 665.077 is nonetheless applicable to Capital Bank pursuant to Section 687.12, Florida Statutes (1989). Section 687.12, which is entitled “Interest rates; *941 parity among licensed lenders or creditors,” provides in pertinent part as follows: (1) Any lender or creditor licensed or chartered under the provisions of ......

...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. § 687.12, Fla.Stat....

...58 of the Florida Statutes. Accordingly, Capital Bank is “authorized to charge interest on loans ... at the maximum rate of interest permitted by law to be charged on similar loans ... made by any lender or creditor in the State of Florida. ...” § 687.12, Fla.Stat. (1989). In order for a lender to take advantage of another class of lenders' permitted interest rate, the lender must also comply with all the requirements imposed on such a lender for the type of loan it is making. § 687.12(1), Fla.Stat. (1989). Finally, the lender must also “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.” § 687.12(4), Fla.Stat....

...20 contains a legislative determination that some higher risk loans are entitled to a higher interest rate than the one allowed by the general usury statute. There are no disputed material facts that preclude the entry of the summary judgment below. Section 687.12, Florida Statutes (2009), Did Not Require the Words "Chapter 520" to Appear on the Face of the Agreement We briefly address the buyer's argument that the words "Chapter 520" *329 were required to appear on the face of the agreement to exempt the agreement from the usury statute. This argument is based on a misapplication of section 687.12, Florida Statutes (2009), known as the "parity exception." Section 687.12 is entitled "Interest rates; parity among licensed lenders and creditors." Under that section, licensed lenders are permitted to take advantage of interest rates permitted by a different class of licensed lender....

...5 so long as the bank complies "with all the requirements imposed on such a lender for the type of loan it is making," and indicates on the instrument "the specific chapter of the Florida Statutes authorizing the interest rate charged." Id. (quoting § 687.12(4) )....

...ida Statutes. Only lenders "making loans ... at a rate of interest that, but for this section , would not be authorized" are required to indicate on the instrument "the specific chapter of the Florida Statutes authorizing the interest rate charged." § 687.12(4), Fla....

...520 contains a legislative determination that some higher risk loans are entitled to a higher interest rate than the one allowed by the general usury statute. There are no disputed material facts that preclude the entry of the summary judgment below. Section 687.12, Florida Statutes (2009), Did Not Require the Words “Chapter 520” to Appear on the Face of the Agreement We briefly address the buyer’s argument that the words “Chapter 520” were required to appear on the face of the agreement to exempt the agreement from the usury statute. This argument is based on a misapplication of section 687.12, Florida Statutes (2009), known as the “parity exception.” Section 687.12 is entitled “Interest rates; parity among licensed lenders and creditors.” Under that section, licensed lenders are permitted to take advantage of interest rates permitted by a different class of licensed lender. South Pointe Dev....

...chapter 665 so long as the bank complies “with all the requirements imposed on such a lender for the type of loan it is making,” and indicates on the instrument “the specific chapter of the Florida Statutes authorizing the interest rate charged.” Id. (quoting § 687.12(4)). The parity exception is not applicable to the transaction in this case because the seller here was licensed under Chapter 520 and was entitled to enjoy the “rights and privileges of said statute” by virtue of its license under that chapter....

...Only lenders “making loans . . . at a rate of interest that, but for this section, would not be authorized” are required to indicate on the instrument “the specific chapter of the Florida Statutes authorizing the interest rate charged.” § 687.12(4), Fla....