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Florida Statute 687.02 | Lawyer Caselaw & Research
F.S. 687.02 Case Law from Google Scholar
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The 2023 Florida Statutes (including Special Session C)

Title XXXIX
COMMERCIAL RELATIONS
Chapter 687
INTEREST AND USURY; LENDING PRACTICES
View Entire Chapter
F.S. 687.02
687.02 “Usurious contracts” defined.
(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. However, if such loan, advance of money, line of credit, forbearance to enforce the collection of a 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. 687.071.
(2) As amended by chapter 79-592, Laws of Florida, chapter 79-274, Laws of Florida, which amended subsection (1):
(a) Shall apply only to loans, advances of credit, or lines of credit made on or subsequent to July 1, 1979, and to loans, advances of credit, or lines of credit made prior to that date if the lender has the legal right to require full payment or to adjust or modify the interest rate, by renewal, assumption, reaffirmation, contract, or otherwise; and
(b) Shall not be construed as diminishing the force and effect of any laws applying to loans, advances of credit, or lines of credit, other than to those mentioned in paragraph (a), completed prior to July 1, 1979.
History.s. 1, ch. 4022, 1891; GS 3104; s. 1, ch. 5960, 1909; RGS 4850; CGL 6937; s. 1, ch. 29705, 1955; s. 1, ch. 73-298; ss. 12, 15, ch. 79-274; s. 1, ch. 79-592; s. 1, ch. 80-310.

F.S. 687.02 on Google Scholar

F.S. 687.02 on Casetext

Amendments to 687.02


Arrestable Offenses / Crimes under Fla. Stat. 687.02
Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 687.02.



Annotations, Discussions, Cases:

Cases from cite.case.law:

NOLDEN, v. SUMMIT FINANCIAL CORPORATION, a USA, a d b a, 244 So. 3d 322 (Fla. App. Ct. 2018)

. . . . § 687.02, Fla. Stat. (2009). . . . any loan, advance of money, line of credit, or forbearance to enforce the collection of a debt." § 687.02 . . .

INETIANBOR, v. CASHCALL, INC., 314 F.R.D. 535 (S.D. Fla. 2016)

. . . . § 687.02 (Count I); (2) violation of Florida’s Deceptive and Unfair Trade Practices Act (“FDUTPA”), . . .

L. WILLIAMS, v. DELRAY AUTO MALL, INC. a FGAP a, 916 F. Supp. 2d 1294 (S.D. Fla. 2013)

. . . . § 687.02(1). . . . Stat. § 687.02, and that the buy-back program instituted by Defendants was a sham to evade Florida’s . . .

SECURITY LIFE OF DENVER INSURANCE COMPANY, v. D. SHAH D. v. J., 906 F. Supp. 2d 1334 (S.D. Ga. 2012)

. . . . § 687.02(1). . . .

E. BONILLA, v. YALE MORTGAGE CORPORATION,, 15 So. 3d 943 (Fla. Dist. Ct. App. 2009)

. . . See § 687.02(1), Fla. . . . See § 687.02(1), Fla. Stat. (2008). . . . .

MINALLA, v. EQUINAMICS CORPORATION,, 954 So. 2d 645 (Fla. Dist. Ct. App. 2007)

. . . enhanced actual damages under § 1640(a)(4); in Count III that the SLO violates Florida’s usury statute, § 687.02 . . .

L ARBALETE, INC. v. ZACZAC,, 474 F. Supp. 2d 1314 (S.D. Fla. 2007)

. . . Section 687.02(1), Florida Statutes, provides that “[a]ll contracts for the payment of interest upon . . . Section 687.02(1) cross references § 687.071 which provides that: “If such loan, advance of money, line . . . within the scope of “any other obligation whatsoever” or an “extension of credit” as contemplated by § 687.02 . . .

McKENZIE CHECK ADVANCE OF FLORIDA, LLC. v. BETTS,, 928 So. 2d 1204 (Fla. 2006)

. . . fees that can be charged by check cashers and explicitly referenced Florida’s Usury Law in section 687.02 . . . See § 687.02(1), Fla. . . . Stat. (1993) (“Sections 687.02 and 687.03 shall not be construed to repeal, modify or limit any or either . . . any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt.” § 687.02 . . . . § 687.02(1) (“All contracts for the payment of interest upon any loan, advance of money, line of credit . . .

BETTS, v. McKENZIE CHECK ADVANCE OF FLORIDA, LLC, d b a A. G., 879 So. 2d 667 (Fla. Dist. Ct. App. 2004)

. . . See generally § 687.02(1), Fla. . . . any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt.” § 687.02 . . .

OREGRUND LIMITED PARTNERSHIP, v. D. SHEIVE,, 873 So. 2d 451 (Fla. Dist. Ct. App. 2004)

. . . Section 687.02(1) defines usurious contracts as [ajll contracts for the payment of interest upon any . . . Sections 687.02(1), 687.03(1). . . .

BETTS, v. ADVANCE AMERICA,, 213 F.R.D. 466 (M.D. Fla. 2003)

. . . . § 687.02(1) states that: All contracts for the payment of interest upon any loan, advance of money, . . . Stat. § 687.031 states that: Sections 687.02 and 687.03 shall not be construed to repeal, modify or limit . . .

ADVANCE AMERICA, LLC, v. STATE OFFICE OF ATTORNEY GENERAL, DEPARTMENT OF LEGAL AFFAIRS,, 801 So. 2d 310 (Fla. Dist. Ct. App. 2001)

. . . Comptroller, Department of Banking and Finance, informed appellants and all payday lenders that under section 687.02 . . .

PARTY YARDS, INC. v. TEMPLETON,, 751 So. 2d 121 (Fla. Dist. Ct. App. 2000)

. . . . § 687.02(1). . . .

VIDEO TRAX, INC. a v. NATIONSBANK, N. A. a, 33 F. Supp. 2d 1041 (S.D. Fla. 1998)

. . . Plaintiff has the burden of proof on all elements of the prohibition to sustain a finding of usury under § 687.02 . . .

SOUTHEAST BANK, N. A. v. ALMEIDA,, 693 So. 2d 1015 (Fla. Dist. Ct. App. 1997)

. . . Violates the Florida Usury Statutes, Section 687.02, 687.03 et seq. d. . . .

OAKLAND EAST MANORS CONDOMINIUM ASSOCIATION, INC. v. D. LA ROZA,, 669 So. 2d 1138 (Fla. Dist. Ct. App. 1996)

. . . The usury statute, section 687.02, Florida Statutes (1993), permits “18 percent per an-num simple interest . . .

In A. McCLURKIN, HUNTINGTON NATIONAL BANK, v. PEES,, 31 F.3d 401 (6th Cir. 1994)

. . . collateral, but arguing that Creditor’s claim should only be allowed as secured in the amount of $13,-687.02 . . .

In A. McCLURKIN, HUNTINGTON NATIONAL BANK, v. PEES,, 31 F.3d 401 (6th Cir. 1994)

. . . collateral, but arguing that Creditor’s claim should only be allowed as secured in the amount of $13,-687.02 . . .

In SLK ASSOCIATES, INC. d b a s, SLK ASSOCIATES, INC. d b a s, v. MIAMI MONEY STORE, INC., 166 B.R. 985 (Bankr. S.D. Fla. 1994)

. . . that the difference between the sale price and the repurchase price constituted usury under Fla.Stat. 687.02 . . .

GENERAL STORAGE CORPORATION, v. FEDERAL DEPOSIT INSURANCE CORPORATION,, 594 So. 2d 875 (Fla. Dist. Ct. App. 1992)

. . . Sections 687.02, 687.071, Fla.Stat. (1989). . . .

POLAKOFF, v. STATE, 586 So. 2d 385 (Fla. Dist. Ct. App. 1991)

. . . Sections 687.02 and 687.03 define contracts for interest in excess of 18% per annum to be usurious and . . .

In TAMMEY JEWELS, INC. J. HUGHES C. a k a H L A v. FASHION JEWELRY OUTLETS, INC., 116 B.R. 290 (Bankr. M.D. Fla. 1990)

. . . Florida Statute § 687.02 provides in part that contracts for the payment of interest upon a loan at an . . .

PASTERNAK, v. BROOK,, 528 So. 2d 1354 (Fla. Dist. Ct. App. 1988)

. . . . § 687.02, Fla. Stat. (1985). . . .

In CONCRETE EXPRESS, INC. d b a s CONCRETE EXPRESS, INC. d b a s v. UNITED STATES INTERNAL REVENUE SERVICE, 87 B.R. 718 (Bankr. S.D. Fla. 1988)

. . . Usury Count II, the Usury Count, travels upon Florida Statutes 687.02 and 687.071. . . . Section 687.02 of the Florida Statutes declares that any contract for the payment of interest upon a . . . distinct contract from the Account Financing and Security Agreement, Plaintiffs Complaint under Section 687.02 . . .

E. ROLLINS, T. L. v. J. D. ODOM, Jr., 519 So. 2d 652 (Fla. Dist. Ct. App. 1988)

. . . Section 687.02, Florida Statutes defines as usurious— All contracts for the payment of interest upon . . .

BROOK, v. PASTERNAK,, 498 So. 2d 1048 (Fla. Dist. Ct. App. 1986)

. . . interest rate charged would be in excess of eighteen per cent per annum and usurious as defined by section 687.02 . . .

J. KERPER A. v. NCNB NATIONAL BANK OF FLORIDA, f k a N. A. d b a a a, 496 So. 2d 199 (Fla. Dist. Ct. App. 1986)

. . . involved herein was a disguised loan yielding interest of 20.6% per annum and, therefore, under section 687.02 . . .

P. LEHNERT, S. E. C. R. D. v. FERRIS FACULTY ASSOCIATION- MEA- NEA, S. L. D. P. D. C. P. M. L., 643 F. Supp. 1306 (W.D. Mich. 1986)

. . . Bargaining — miscellaneous 86.79 Contract ratification expenses 112.15 Negotiations training workshop 687.02 . . .

In HAMLETT,, 63 B.R. 492 (Bankr. M.D. Fla. 1986)

. . . . § 687.02(1). . . .

In AMERICAN RESOURCES, LIMITED,, 54 B.R. 245 (Bankr. D. Haw. 1985)

. . . judgment against ARL is $1,884,778.86, together with interest after March 25, 1981, at the rate of $687.02 . . .

UNITED STATES v. PEPE UNITED STATES v. FACCHIANO,, 747 F.2d 632 (11th Cir. 1984)

. . . . § 687.02 (1984) provides a general 18% per annum maximum legal interest rate. . . .

R. BRANN, d b a s R. Jo v. FLAGSHIP BANK OF PINELLAS, N. A., 450 So. 2d 237 (Fla. Dist. Ct. App. 1984)

. . . Since the interest exceeded the 18% per annum permitted by section 687.02, Florida Statutes (1981), they . . .

RYDER TRUCK LINES, INC. v. GOREN EQUIPMENT CO. INC., 576 F. Supp. 1348 (N.D. Ga. 1983)

. . . Florida Statute § 687.02 provides that 18% per annum simple interest is the highest rate allowed. . . .

In S. FALLON, Jr. RODGERS, v. S. FALLON, Jr., 29 B.R. 491 (Bankr. M.D. Fla. 1983)

. . . . § 687.02 (1981), interest on judgments accrues at the rate of 8% per annum and would accrue on the . . .

MORGAN WALTON PROPERTIES, INC. v. INTERNATIONAL CITY BANK TRUST CO. F. MORGAN v. INTERNATIONAL CITY BANK TRUST CO., 404 So. 2d 1059 (Fla. 1981)

. . . . §§ 687.02, 687.03, 687.04, Fla.Stat. (1973). There are numerous exceptions to these provisions. . . .

RESERVE INSURANCE CO. v. GULF FLORIDA TERMINAL CO. GULF FLORIDA TERMINAL CO. v. MISSOURI MEAT CO., 386 So. 2d 550 (Fla. 1980)

. . . (commercial banks — loans not in excess of $15,000); § 659.181 (commercial banks— credit cards); § 687.02 . . .

NORTH AMERICAN MORTGAGE INVESTORS, a v. CAPE SAN BLAS JOINT VENTURE, a, 378 So. 2d 287 (Fla. 1979)

. . . only to remedy the inconsistency between permissible rates payable by an individual as maker (section 687.02 . . . In 1965, sections 687.02 and 687.03, Florida Statutes, defined usurious contracts and the maximum lawful . . . In 1973, however, the legislature amended section 687.02 to provide that an individual could be charged . . . corporate borrowers in excess of $500,000 the Court in Woodgate Development responded: “However, Sections 687.02 . . .

M. CESARY, v. SECOND NATIONAL BANK OF NORTH MIAMI,, 369 So. 2d 917 (Fla. 1979)

. . . Section 687.031 provides: Construction, ss. 687.02 and 687.03. — Sections 687.02 and 687.03 shall not . . .

SAILBOAT APARTMENT CORP. a v. CHASE MANHATTAN MORTGAGE AND REALTY TRUST,, 363 So. 2d 564 (Fla. Dist. Ct. App. 1978)

. . . For the purpose of this section and § 687.02, the rate of interest on any loan of money shall be determined . . .

NATIONAL COMMUNITY BANK OF NEW JERSEY v. COUCHON,, 48 Fla. Supp. 48 (Broward Cty. Ct. 1978)

. . . do business in this state, and this court further concludes that neither Section 659.18 nor Section 687.02 . . .

CONTINENTAL MORTGAGE INVESTORS, a v. SAILBOAT KEY, INC. a, 354 So. 2d 67 (Fla. Dist. Ct. App. 1977)

. . . policy in this state with respect to usurious contracts and corporations is found in Florida Statute 687.02 . . .

WOODGATE DEVELOPMENT CORPORATION, a R. F. C. v. HAMILTON INVESTMENT TRUST, a, 351 So. 2d 14 (Fla. 1977)

. . . In 1965, Chapter 687 provided in pertinent part as follows: Section 687.02, Florida Statutes, defined . . . Therefore, Sections 687.02, 687.03, 687.04, 687.07, and 687.11 were reenacted as the official law of . . . In 1973 Section 687.02 was amended to provide that an individual could be charged up to 15 percent interest . . . In 1974, Sections 687.02 and 687.04 were carried forward into the 1975 statutes unchanged. . . . However, Sections 687.02, 687.03, and 687.04 do now and always have provided penalties for the charging . . .

C. WASMAN, v. RUBINSON, 341 So. 2d 802 (Fla. Dist. Ct. App. 1977)

. . . the face of the note, rendered the transaction civilly usurious in violation of Florida Statutes § 687.02 . . .

SECURITIES INVESTMENT COMPANY OF ST. LOUIS, v. INDIAN WATERS DEVELOPMENT CORPORATION, A. M. C. T. A. S., 501 F.2d 662 (5th Cir. 1974)

. . . For the purpose of this section and § 687.02, the rate of interest on any loan of money shall be determined . . . “For the purpose of this section and § 687.02, the rate of interest on any loan of money shall be determined . . .

BURLEIGH HOUSE, v. FINANCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION, 39 Fla. Supp. 173 (Dade Cty. Cir. Ct. 1973)

. . . The Usury Act itself provided in §687.031, Florida Statutes 1967 — “Sections 687.02 and 687.03 shall . . .

G. MORETTO v. SUSSMAN,, 274 So. 2d 259 (Fla. Dist. Ct. App. 1973)

. . . S. 687.02, 687.04 and 687.071, Laws of 1969, F.S.A. . . .

TEL SERVICE CO. a G. E. A. v. GENERAL CAPITAL CORPORATION, a TEL SERVICE CO. a G. E. A. v. GENERAL CAPITAL CORPORATION,, 227 So. 2d 667 (Fla. 1969)

. . . Sections 687.02 and 687.03, F.S.A. define usurious contracts and usurious rates of interest. . . .

GREEN RIDGE CORPORATION v. SOUTH JERSEY MORTGAGE COMPANY, 211 So. 2d 70 (Fla. Dist. Ct. App. 1968)

. . . (See Florida Statutes, Section 687.02 [1963], F.S.A.) . . .

SILVER SANDS OF PENSACOLA BEACH, INC. E. S. v. PENSACOLA LOAN SAVINGS BANK,, 174 So. 2d 61 (Fla. Dist. Ct. App. 1965)

. . . . §§ 687.01, 687.02, F.S.A. . F.S. § 687.031, F.S.A. . . . permitted by § 656.17, Florida Statutes, F.S.A., .and the Court further finds that the provisions of § 687.02 . . .

FIRST MORTGAGE CORPORATION OF VERO BEACH, a v. W. STELLMON I., 170 So. 2d 302 (Fla. Dist. Ct. App. 1964)

. . . of 1909 has been carried forward in the successive statutory revisions, and now appears as Sections 687.02 . . .

M. H. ROSENHOUSE, v. KIMBRIG,, 147 So. 2d 354 (Fla. Dist. Ct. App. 1962)

. . . Sections 687.02 and 687.-03, F.S.A. . . . Sections 687.02 and 687.03, F.S.A., was charged in this case because of the $750 paid to Kaufman. . . .

INVESTMENT FUNDS CORPORATION v. BOMAR,, 303 F.2d 592 (5th Cir. 1962)

. . . Florida Statutes, § 687.02, F.S.A. . . . .

GILBERT, v. DORIS R. CORPORATION, a M. R., 111 So. 2d 682 (Fla. Dist. Ct. App. 1959)

. . . Sections 687.02 and 687.03, Fla.Stat., F.S.A., provide that interest exceeding 15% per annum, as to corporations . . .

DILLON v. J. W. WALTER,, 98 So. 2d 391 (Fla. Dist. Ct. App. 1957)

. . . $46.39, namely $2,226.72, would yield interest at the rate of 15.35% per an-num in violation of Sections 687.02 . . .

INTERNATIONAL COMPANY, v. YAFFEE, 6 Fla. Supp. 17 (Dade Cty. Cir. Ct. 1954)

. . . At the same time the usury statutes, sections 687.02 and 687.03, Florida Statutes 1951 and 1953, were . . . Although section 612.62 was repealed, the repeal becoming effective on October 1, 1953, sections 687.02 . . . interest required under the terms of the note and mortgage is usurious under provisions of sections 687.02 . . . amount of $360,000 actually paid, the loan and contract were usurious, violating provisions of sections 687.02 . . . mortgage book 2855 at page 532 of the public records thereof, is usurious and violative of sections 687.02 . . .

WAGNER WHIRLER DERRICK CORP. v. UNITED STATES, 121 F. Supp. 664 (Ct. Cl. 1954)

. . . has been paid $248,378.31, leaving a balance due, according to the contracting officer’s figures, of $687.02 . . . reductions in the contract price of the following amounts, which plaintiff is entitled to recover. (1) $687.02 . . .

WAGNER WHIRLER AND DERRICK CORPORATION v. THE UNITED STATES, 128 Ct. Cl. 382 (Ct. Cl. 1954)

. . . has been paid $248,378.31, leaving a balance due, according to the contracting officer’s figures, of $687.02 . . . reductions in the contract price of the following amounts, which plaintiff is entitled to recover. (1) $687.02 . . .

DAFFNER, v. HOUGH, 4 Fla. Supp. 34 (Dade Cty. Cir. Ct. 1953)

. . . See sections 687.02 — .03—.04—.07, Florida Statutes 1951, also Ayvas v. Green (Fla.), 57 So. 2d 30. . . .