The 2023 Florida Statutes (including Special Session C)

Title XXXIX
COMMERCIAL RELATIONS

Chapter 687
INTEREST AND USURY; LENDING PRACTICES

View Entire Chapter

F.S. 687.03

687.03 “Unlawful rates of interest” defined; proviso.—

(1) Except as provided herein, it shall be usury and unlawful for any person, or for any agent, officer, or other representative of any person, to reserve, charge, or take for any loan, advance of money, line of credit, forbearance to enforce the collection of any sum of money, or other obligation a rate of interest greater than the equivalent of 18 percent per annum simple interest, either directly or indirectly, by way of commission for advances, discounts, or 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 the equivalent of 18 percent per annum simple interest. However, if any loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or obligation exceeds $500,000 in amount or value, it shall not be usury or unlawful to reserve, charge, or take interest thereon unless the rate of interest exceeds the rate prescribed in s. 687.071. The provisions of this section shall not apply to sales of bonds in excess of $100 and mortgages securing the same, or money loaned on bonds.

(2)(a) The provisions of this section and of s. 687.02 shall not apply to loans or other advances of credit made pursuant to:

1. A commitment to insure by the Federal Housing Administration.

2. A commitment to guarantee by the United States Department of Veterans Affairs.

3. A commitment to purchase a loan issued by the Federal National Mortgage Association; Government National Mortgage Association; Federal Home Loan Mortgage Corporation; any department, agency, or instrumentality of the Federal Government; or any successor of any of them, pursuant to any provision of the acts of Congress or federal regulations.

(b) This act shall apply only to loans or advances of credit made subsequent to the effective date of this act. All present laws shall remain in full force and effect as to loans or advances of credit made prior to the effective date of this act.

(c) Notwithstanding any other provision of this section, any lessor or merchant, or any person who lends money or extends any other form of credit, who is regularly engaged in the business of selling or leasing merchandise, goods, or services which are for other than personal, family, or household purposes, or any assignee of such lessor, merchant, or person who lends money or extends any other form of credit, who is the holder of a commercial installment contract, each of which persons or entities is subject to the laws of any jurisdiction of the United States, any state, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or insular possession of the United States, may, if the contract so provides, charge a delinquency charge on each installment which is in default for a period of not less than 10 days in an amount not in excess of 5 percent of such installment. However, only one such delinquency charge may be collected on any installment, regardless of the period during which it remains in default. A delinquency charge imposed pursuant to this paragraph shall not be deemed interest or a finance charge made incident to or as a condition to the grant of the loan or other extension of credit and shall not be included in determining the limit on charges, as provided by this section, which may be made in connection with the loan or other extension of credit as provided by law of this state.

(3) For the purpose of this chapter, the rate of interest on any loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or other obligation to pay interest shall be determined and computed upon the assumption that the debt will be paid according to the agreed terms, whether or not said loan, advance of money, line of credit, forbearance to enforce collection of a debt, or other obligation is paid or collected by court action prior to its term, and any payment or property charged, reserved, or taken as an advance or forbearance, which is in the nature of, and taken into account in the calculation of, interest shall be valued as of the date received and shall be spread over the stated term of the loan, advance of money, line of credit, forbearance to enforce collection of a debt, or other obligation for the purpose of determining the rate of interest. The spreading of any such advance or forbearance for the purpose of computing the rate of interest shall be calculated by first computing the advance or forbearance as a percentage of the total stated amount of such loan, advance of money, line of credit, forbearance to enforce collection of a debt, or other obligation. This percentage shall then be divided by the number of years, and fractions thereof, of the loan, advance of money, line of credit, forbearance to enforce collection of a debt, or other obligation according to its stated maturity date, without regard to early maturity in the event of default. The resulting annual percentage rate shall then be added to the stated annual percentage rate of interest to produce the effective rate of interest for purposes of this chapter. Moreover, for the purposes of this chapter, a loan, advance of money, line of credit, forbearance, or other obligation shall be deemed to exceed $500,000 in amount or value if:

(a) The outstanding principal indebtedness of such loan, advance of money, line of credit, forbearance, or other obligation initially exceeds $500,000; or

(b) The aggregate principal indebtedness of such loan, advance of money, line of credit, forbearance, or other obligation may reasonably be expected to exceed $500,000 during the term thereof, notwithstanding the fact that less than that amount in the aggregate is initially or at any time thereafter advanced in one transaction or a series of related transactions; or

(c) Such loan, advance of money, line of credit, forbearance, or other obligation exceeds $500,000 at any time, notwithstanding the fact that such indebtedness is or is not subsequently reduced to less than $500,000 and thereafter additional amounts are advanced in one transaction or a series of related transactions which in the aggregate do not exceed $500,000.

(4) If, as provided in subsection (3), a loan, advance of money, line of credit, forbearance, or other obligation exceeds $500,000, then, for the purposes of this chapter, interest on that loan, advance of money, line of credit, forbearance, or other obligation shall not include the value of property charged, reserved, or taken as an advance or forbearance, the value of which substantially depends on the success of the venture in which are used the proceeds of that loan, advance of money, line of credit, forbearance, or other obligation. Stock options and interests in profits, receipts, or residual values are examples of the type of property the value of which would be excluded from calculation of interest under the preceding sentence.

(5) 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. 2, ch. 4022, 1891; GS 3105; s. 2, ch. 5960, 1909; RGS 4851; CGL 6938; s. 2, ch. 29705, 1955; s. 1, ch. 70-331; s. 2, ch. 73-298; s. 1, ch. 74-232; ss. 1, 2, ch. 76-124; s. 1, ch. 77-374; s. 1, ch. 78-211; ss. 13, 15, ch. 79-274; s. 258, ch. 79-400; s. 1, ch. 79-592; s. 2, ch. 80-310; s. 34, ch. 93-268; s. 4, ch. 95-234.

F.S. 687.03 on Google Scholar

F.S. 687.03 on Casetext

Amendments to 687.03

Arrestable Offenses / Crimes under Fla. Stat. 687.03

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 687.03.

Annotations, Discussions, Cases:

Cases from cite.case.law:

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

. . . . § 687.03 & 687.071 Fla. . . . Stat.] §§ 687.03 and 687.071” (id. ¶ 79), and as a result, “the [2007 agreement letter is] unenforceable . . . Stat. §§ 687.03, 687.071. . . .

NORTHWOOD SG, LLC, SG LLC, SG LLC, SG LLC, v. BUILDER FINANCIAL CORPORATION, LLC, BFSPE, LLC, BFWEST, LLC, WESTLB AG, LLC,, 76 So. 3d 3 (Fla. Dist. Ct. App. 2011)

. . . Hamm, 414 So.2d 1071, 1074 (Fla.1982) (section 687.03(3) supersedes section 687.03(1) “when an advance . . .

In BISCAYNE, LLC, LLC, v. LLC, WESTLB AG, WESTLB AG, a a LLC, a BFSPE, LLC, a BFWEST, LLC, a, 465 B.R. 901 (Bankr. S.D. Fla. 2011)

. . . “spread” over the term of the Loan pursuant to the usury formulas found in Florida Statute Section 687.03 . . . transactions exceeding $500,000.00 is described under the “spreading” provisions of Florida Statute Section 687.03 . . . Following Florida Statute Section 687.03, the Supreme Court first computed the advance as a percentage . . .

G. MORALES, v. GRASSY KEY BEACH SUBDIVISION, INC., 50 So. 3d 639 (Fla. Dist. Ct. App. 2010)

. . . . §§ 687.03, 687.071; St. Petersburg Bank & Trust Co. v. . . .

CORAL REEF DRIVE LAND DEVELOPMENT, LLC, F. J. v. DUKE REALTY LIMITED PARTNERSHIP,, 45 So. 3d 897 (Fla. Dist. Ct. App. 2010)

. . . See § 687.03, Fla. Stat. (2005). . . .

VELLETRI, v. W. DIXON,, 44 So. 3d 187 (Fla. Dist. Ct. App. 2010)

. . . Because the calculations required by the plain language of section 687.03, Florida Statutes (2006), establish . . . Sections 687.03, 687.04, and 687.071 proide statutory causes of action which allow a borrower to seek . . . See § 687.03(1). . . . Section 687.03(3) sets forth the methodology to be used to determine whether a loan is usurious when . . . See § 687.03(1). . . .

In TRANSCAPITAL FINANCIAL CORPORATION,, 433 B.R. 900 (Bankr. S.D. Fla. 2010)

. . . . § 687.03(4), which provides as follows: If, as provided in subsection (3), a loan, advance of money . . . Florida Statute § 687.03(4) merely provides that when a loan or financing arrangement includes as part . . . participation” given by lender as additional consideration was not counted in calculating interest under § 687.03 . . . Florida Statute § 687.03(4) has been on the books in substantially its current form for nearly forty . . . Stat. § 687.03(4) does not expressly or by implication overrule the substantial body of law that contingent . . .

J. ARMSTRONG, L. v. COLONIAL BANK, N. A., 295 F. App'x 358 (11th Cir. 2008)

. . . . § 687.03, and, moreover, constituted felony loan sharking, in violation of Fla. Stat. § 687.071. . . .

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

. . . . § 687.03(1). . . .

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

. . . Stat. (1993) (“Sections 687.02 and 687.03 shall not be construed to repeal, modify or limit any or either . . .

L. PHIPPS L. A. St. R. St. V. A. v. FEDERAL DEPOSIT INSURANCE CORPORATION GMAC- a II, a GMAC- RFC RFMS GMAC- RFC RFMS a a, 417 F.3d 1006 (8th Cir. 2005)

. . . . § 687.03(1), so none of the plaintiffs were charged an unlawful interest rate. . . . Ann. § 687.03(1). . . .

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

. . . (Emphasis added) Similarly, section 687.03(1), which defines unlawful rates of interests, provides: Except . . . Sections 687.02(1), 687.03(1). . . . The third amended complaint contained seven counts: Count 1: Usury, first transaction, under section 687.03 . . . Usury, second transaction, under section 687.071; Count 4: Usury, second transaction, under section 687.03 . . . Section 687.03(4) provides: If, as provided in subsection (3), a loan, ... exceeds $500,000, then for . . .

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

. . . . § 687.031 states that: Sections 687.02 and 687.03 shall not be construed to repeal, modify or limit . . .

In Re CASH COW SERVICES OF FLORIDA LLC, LLC, v., 296 F.3d 1261 (11th Cir. 2002)

. . . . § 687.03 (1999). Cash Cow could charge up to twenty-two percent per month. Fla. . . .

In Re CASH COW SERVICES OF FLORIDA LLC, LLC, v., 296 F.3d 1261 (11th Cir. 2002)

. . . . § 687.03 (1999). Cash Cow could charge up to twenty-two percent per month. Fla. . . .

In DIAGNOSTIC INSTRUMENT GROUP, INC. H. C. v., 276 B.R. 302 (Bankr. M.D. Fla. 2002)

. . . . § 687.03, it is "usury” and therefore unlawful for any person "to reserve, charge, or take for any . . . received, together with interest at the rate of the equivalent of 18% per an-num simple interest.” § 687.03 . . .

RLS BUSINESS VENTURES, INC. v. SECOND CHANCE WHOLESALE, INC. G., 779 So. 2d 421 (Fla. Dist. Ct. App. 2000)

. . . Section 687.03, Florida Statutes (1995), defines usury as “reserv[ing], charging] or tak[ing] for any . . .

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

. . . (Emphasis added) § 687.03(1), Fla. Stat. . . .

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

. . . . § 687.03(3), Fla.Stat. (emphasis added). . . . The clear language of § 687.03(3) refers to the particular term stated on the face of a loan document . . . the calculation of unlawful rates of interest “shall apply only to loans and advances of credit.” § 687.03 . . .

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. . . .

B. KRAFT R. a a H. v. MASON,, 668 So. 2d 679 (Fla. Dist. Ct. App. 1996)

. . . See § 687.03, Fla.Stat. (1993). . . .

JERSEY PALM- GROSS, INC. v. PAPER,, 658 So. 2d 531 (Fla. 1995)

. . . Second, and more importantly, however, section 687.03(3), Florida Statutes (1993), in pertinent part . . .

JERSEY PALM- GROSS, INC. v. PAPER V. III,, 639 So. 2d 664 (Fla. Dist. Ct. App. 1994)

. . . the borrower “will not be required to pay further interest in excess of the amount permitted by s. 687.03 . . . institutional lenders from the usury laws altogether; and subsections (2), (3), (4) and (5) of section 687.03 . . . It is even more interesting to contemplate that, as to loans greater than $500,000, section 687.03(4) . . . See § 687.03, Fla.Stat. (1993). . . .

In OMNI CAPITAL GROUP, LTD. d b a STEIN, v. LAVAY,, 157 B.R. 712 (Bankr. S.D. Fla. 1993)

. . . . § 687.03, it is “usury” and therefore unlawful for any person “to reserve, charge, or take for any . . . In the case of civil usury in violation of Fla.Stat. § 687.03, the borrower’s remedy is to seek forfeiture . . .

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 section 687.04 which provides, in effect, that interest charged in willful violation of section 687.03 . . . interest legally unenforceable under section 687.04 because it is in excess of 18% provided in section 687.03 . . .

C. HIBBS, v. M. PERRY F., 581 So. 2d 235 (Fla. Dist. Ct. App. 1991)

. . . Accordingly, under the criteria set forth in Florida Statute 687.03(1) the transaction was usurious.. . . .

GOLDEN DOOR JEWELRY CREATIONS, INC. Co. v. LLOYDS UNDERWRITERS, LEACH GARNER CO. v. WRIGHT,, 758 F. Supp. 708 (S.D. Fla. 1991)

. . . 687.01, mentions interest at a rate of “12 percent per an-num,” and since later sections, including § 687.03 . . . seems more likely: Since § 687.01 has remained essentially unchanged for a number of years — yet § 687.03 . . .

FIRST AMERICAN BANK AND TRUST, v. INTERNATIONAL MEDICAL CENTERS, INC., 565 So. 2d 1369 (Fla. Dist. Ct. App. 1990)

. . . others, the loans described above were usurious and unenforceable under the provisions of sections 687.03 . . . Section 687.03(3), Florida Statutes (1987), specifically provides that for purposes of that chapter the . . . secured by the pledge of IMC’s personalty, this approach to valuation disregards the mandate of section 687.03 . . .

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)

. . . 47% (see Affidavit of Cesar Rivero), which is usurious as that term is defined by Florida Statutes § 687.03 . . .

CUPEIRO, v. BARON,, 555 So. 2d 370 (Fla. Dist. Ct. App. 1989)

. . . Brook, 528 So.2d 1354 (Fla. 3d DCA 1988); § 687.03, Fla.Stat. (1987). . . .

In SUNCRETE CORPORATION, SUNCRETE CORPORATION, v. L. GLUSMAN,, 100 B.R. 102 (Bankr. M.D. Fla. 1989)

. . . any agent, officer, or other representative of any person, willfully violating the provisions of § 687.03 . . . Under the terms of the statute, the only penalty for violating § 687.03, Florida Statutes, is a forfeiture . . .

ANTONELLI v. NEUMANN,, 537 So. 2d 1027 (Fla. Dist. Ct. App. 1988)

. . . . § 687.03, Fla.Stat. (Supp.1980). . . .

NATIONAL FUND MANAGERS, INC. R. W. v. T. RAGAN,, 532 So. 2d 1100 (Fla. Dist. Ct. App. 1988)

. . . See § 687.03(3), Fla.Stat. (1985). . . .

W. HEMBREE, J. D. v. BRADLEY,, 528 So. 2d 116 (Fla. Dist. Ct. App. 1988)

. . . . § 687.03(1), Fla.Stat. (1985). . . .

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

. . . the $6,635.00 mortgage brokerage fee constituted interest which, when calculated pursuant to section 687.03 . . . See §§ 687.03, Fla.Stat. and 687.-071, Fla.Stat. (1981). . . . Section 687.03 provides, in part: Except as provided herein, it shall be usury and unlawful for any person . . . The statutory formula for computation of the “effective rate of interest” is set forth in section 687.03 . . . Hamm, 414 So.2d 1071,1073 (Fla.1982), the supreme court said section 687.03(3) is clear on its face and . . .

CREDIT ALLIANCE CORPORATION, v. TIMMCO EQUIPMENT, INC. E., 507 So. 2d 657 (Fla. Dist. Ct. App. 1987)

. . . However, section 687.03(2)(b), Florida Statutes (1981), expressly provides that the act shall apply only . . .

BEAUSEJOUR CORPORATION, N. V. v. OFFSHORE DEVELOPMENT COMPANY, INC., 802 F.2d 1319 (11th Cir. 1986)

. . . that the buyer will not be required to pay further interest in excess of the amount permitted by s. 687.03 . . .

BEAUSEJOUR CORPORATION, N. V. v. OFFSHORE DEVELOPMENT COMPANY, INC., 802 F.2d 1319 (11th Cir. 1986)

. . . that the buyer will not be required to pay further interest in excess of the amount permitted by s. 687.03 . . .

A. SZENAY R. v. W. SCHAUB, III, J., 496 So. 2d 883 (Fla. Dist. Ct. App. 1986)

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

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

. . . . § 687.03. . . . If any person or entity through a representative willfully violates § 687.03 by enforcing a usurious . . . the mortgagee willfully enforced an interest rate in excess of 18 percent in violation of F.S.A. § 687.03 . . . that Mortgage Finance intended to enforce an usurious interest rate and willfully violated F.S.A. § 687.03 . . .

W. REBMAN, v. FLAGSHIP FIRST NATIONAL BANK OF HIGHLANDS COUNTY, f k a, 472 So. 2d 1360 (Fla. Dist. Ct. App. 1985)

. . . Looking first at the third element, section 687.03(1) defines unlawful rates of interest as: Except as . . . effective rate of interest should be computed according to the “spreading” formula set forth in section 687.03 . . .

E. C. FOGG, III, v. SOUTHEAST BANK, N. A. a, 473 So. 2d 1352 (Fla. Dist. Ct. App. 1985)

. . . In June 1974, and then again in 1977, the usury statute (section 687.03, Florida Statutes) was amended . . . However, section 687.03(2)(b), Florida Statutes (1977), specifically stated that the act shall only apply . . . Therefore, the court concluded: “While it appears then that Section 687.03, Florida Statutes (1977) is . . . Therefore, under the holding in Tel Service Co., supra, Section 687.03(2), Florida Statutes (1975) is . . .

T. HOOL, v. C. RYDHOLM E., 467 So. 2d 1038 (Fla. Dist. Ct. App. 1985)

. . . . § 687.03, Fla.Stat. (1981). We disagree with Hool’s contentions. . . .

S. THOMASSON A. v. MONEY STORE FLORIDA, INC. a, 464 So. 2d 1309 (Fla. Dist. Ct. App. 1985)

. . . It is not enough that the loan ultimately come into the possession of FNMA; the terms of Section 687.03 . . .

DURANTE BROS. AND SONS, INC. v. FLUSHING NATIONAL BANK,, 755 F.2d 239 (2d Cir. 1985)

. . . . §§ 687.03, 687.04, 687.07 (1966) (unenforceable if more than 10%, criminal if more than 25%); Mich.Comp.Laws . . .

A. BAILEY, a N- a S. W. A. v. J. HARRINGTON, B. H. W. s, 462 So. 2d 861 (Fla. Dist. Ct. App. 1985)

. . . . §§ 687.03(1), 687.071, Fla.Stat. (1983). . . . provision is expressly authorized by our usury statutes as not constituting additional interest, § 687.03 . . .

E. HADDOCK, Jr. M. Jr. v. G. MARLIN S., 458 So. 2d 848 (Fla. Dist. Ct. App. 1984)

. . . . § 687.03(1), Fla.Stat. (1981). . . .

CERRITO R. v. R. KOVITCH, Ed- Jo, 457 So. 2d 1021 (Fla. 1984)

. . . any agent, officer, or other representative of any person, willfully violating the provisions of s. 687.03 . . .

In OFFSHORE DEVELOPMENT CORP. BEAUSEJOUR CORPORATION, v. OFFSHORE DEVELOPMENT CORP., 37 B.R. 96 (Bankr. M.D. Fla. 1984)

. . . or an agent, officer or other representative of any person, willfully violating the provisions of s.687.03 . . . first sentence of § 687.04 indicates that a forfeiture of interest will occur if the provisions of § 687.03 . . . The difficulty arises because § 687.03(1) provides in, pertinent part, as follows: “However, if any loan . . . that the borrower will not be required to pay further interest in excess of the amount permitted by § 687.03 . . .

CERRITO R. v. R. KOVITCH Ed- Jo a, 423 So. 2d 1008 (Fla. Dist. Ct. App. 1982)

. . . . § 687.03, Fla.Stat. (1977). Apparently in reliance on Smith v. . . .

M. ROSS, Jo v. M. BARNETT M., 422 So. 2d 1040 (Fla. Dist. Ct. App. 1982)

. . . Section 687.03(5)(a), Florida Statutes (1979) which raised the legal interest rate ceiling from 10% to . . . Summary judgment granted on the usury claim is AFFIRMED. . § 687.03 “Unlawful rates of interest” defined . . .

ST. PETERSBURG BANK TRUST CO. v. E. HAMM,, 414 So. 2d 1071 (Fla. 1982)

. . . The trial court applied section 687.03(3), Florida Statutes (1977), the spreading statute, and found . . . of usury in section 687.03(1) and with Wilson v. . . . Thus, Wilson has no vitality in cases where section 687.03(3) applies. . . . Section 687.03(1) and section 687.03(3) are not inconsistent. . . . Section 687.03(3) supercedes when an advance is required in a loan transaction. . . .

In MICKLER, MICKLER v. MARANATHA REALTY ASSOCIATES, INC. E., 20 B.R. 346 (Bankr. M.D. Fla. 1982)

. . . Stat. 687.03(1) (1977). . . . second question presented for this Court’s determination is whether the 1979 amendment to Fla.Stat. § 687.03 . . . Fla.Stat. § 687.03(1) (1977). . . . prospective application clause was redefined by amendment and codified as subsection (5) in Fla.Stat. § 687.03 . . .

U. P. C. INC. a v. INTERCONTINENTAL BANK, a, 410 So. 2d 554 (Fla. Dist. Ct. App. 1982)

. . . The present Usury Act, Section 687.03 F.S.F.S.A. (1980) condemns as usurious as applied to loans in excess . . . Section 687.03, Florida Statutes (Supp.1980) states, in pertinent part: 687.03 ‘Unlawful rates of interest . . . Thus, to determine the usury rate on loans greater than $500,000, section 687.03 must be read together . . .

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. . . .

In VERDINI S ENTERPRISES INC., 13 B.R. 739 (Bankr. S.D. Fla. 1981)

. . . trustee alleges that the rate of interest on this loan was 46 percent and therefore usurious under § 687.03 . . . , together with interest at the rate of the equivalent of 18 percent per an-num simple interest.” § 687.03 . . . lenders neither charged nor received in this transaction any sum in excess of the amount authorized by § 687.03 . . .

CONTINENTAL MORTGAGE INVESTORS, a v. SAILBOAT KEY, INC. a, 395 So. 2d 507 (Fla. 1981)

. . . The usury law does not apply to the sale of bonds, or mortgages on those bonds, section 687.03(1), Florida . . .

A. N. ABRAMOWITZ, v. BARNETT BANK OF WEST ORLANDO L., 394 So. 2d 1033 (Fla. Dist. Ct. App. 1981)

. . . Section 687.03, Florida Statutes (1973). . . .

E. HAMM, v. ST. PETERSBURG BANK TRUST COMPANY,, 379 So. 2d 1300 (Fla. Dist. Ct. App. 1980)

. . . (2) Does resort to the formula in Section 687.03(3) constitute a retroactive application? . . . (3) Does the formula in Section 687.03(3) cause the transaction to be free of usury? . . . Appellant bases his argument on Section 687.03(2)(b), Florida Statutes (1977). . . . That year the legislature amended Section 687.03 to provide certain exemptions from the usury laws. . . . of 687.03(1) or the rule in Wilson v. . . .

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

. . . combined interest and commission, however, did exceed the legal rate of interest chargeable under section 687.03 . . . negate subsection (1) of Section 687.11 with respect to loans in excess of $500,000 and also Section 687.03 . . . In 1965, sections 687.02 and 687.03, Florida Statutes, defined usurious contracts and the maximum lawful . . . Section 687.04 provided that any person willfully violating the provisions of section 687.03 should forfeit . . . or any agent, officer or other representative of any person, willfully violating the provisions of § 687.03 . . .

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 . . .

E. J. CATOGAS v. SOUTHERN FEDERAL SAVINGS AND LOAN ASSOCIATION OF BROWARD COUNTY,, 369 So. 2d 922 (Fla. 1979)

. . . the ten percent per annum lawful interest rate and which amounted to usury in violation of section 687.03 . . . section 665.395, if it is applied to exempt Southern Federal from liability for usury under section 687.03 . . .

S. BRANNEN, v. SOUTHEAST BEACH STATE BANK,, 365 So. 2d 422 (Fla. Dist. Ct. App. 1978)

. . . .-032, .052, 687.03(1), Florida Statutes (1977). . . .

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

. . . WHETHER VARIABLE INTEREST CHARGES ARE TO BE “SPREAD” OVER THE LIFE OF A LOAN UNDER § 687.03(3), FLORIDA . . . IF 687.03(3) PROVIDES ONLY FOR THE “SPREADING” OF ADVANCES AND FORBEARANCES, ARE VARIABLE INTEREST CHARGES . . . , Florida Statutes (1973)] read as follows: “ * 687.03 Unlawful rates of interest defined; proviso. — . . . See Section 687.03(2)(b), Florida Statutes (1977). . . . Therefore, under the holding in Tel Service Co., supra, Section 687.03(2), Florida Statutes (1975) is . . .

AMERICAN WOOD PRODUCTS, INC. v. WALTER E. HELLER COMPANY SOUTHEAST, E., 358 So. 2d 1149 (Fla. Dist. Ct. App. 1978)

. . . constituted an usurious interest charge, i. e., a rate in excess of 15% per annum, in violation of Section 687.03 . . .

ELLIS NATIONAL BANK OF TALLAHASSEE, a v. L. DAVIS L., 359 So. 2d 466 (Fla. Dist. Ct. App. 1978)

. . . being charged by the Bank at the rate of 10 per cent exceeded the maximum legal rate allowed by F.S. 687.03 . . . However we note that F.S. 687.03 affords no leeway. . . . or any agent, officer or other representative of any person, willfully violating the provisions of § 687.03 . . .

PADGETT, v. FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF LAKE WORTH, 47 Fla. Supp. 101 (Palm Beach Cty. Cir. Ct. 1978)

. . . . §687.03(3): (i) All charges in nature of interest must be spread over the stated term of loan regardless . . . S. §687.03 (3) which requires spreading of “any payment or property charged, reserved, or taken as an . . . S. §687.03 would not exceed the lawful maximum for the loan. Conclusions of law I. . . . S. §687.03 requires that all payments of periodic interest as well as advanced or prepaid interest are . . . S. §687.03 within the lawful maximum for the loan. . . .

M. CESARY a k a M. v. SECOND NATIONAL BANK OF NORTH MIAMI,, 567 F.2d 283 (5th Cir. 1978)

. . . . § 687.03. . . .

A. N. ABRAMOWITZ, v. BARNETT BANK OF WEST ORLANDO L., 356 So. 2d 329 (Fla. Dist. Ct. App. 1978)

. . . . § 687.03 (1973). . . .

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

. . . of the venture and should have been excluded from the calculation of interest as provided in Section 687.03 . . . negate subsection (1) of Section 687.11 with respect to loans in excess of $500,000 and also Section 687.03 . . . “CHAPTER 74-232 “House Bill No. 3955 “AN ACT relating to the usury laws; amending 687.03 and 687.11; . . .

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

. . . Section 687.03, Florida Statutes, defined unlawful rates of usury and provided that it was usurious for . . . Therefore, Sections 687.02, 687.03, 687.04, 687.07, and 687.11 were reenacted as the official law of . . . Sections 687.-02, 687.03, 687.04, and 687.11 were carried forward from the official 1967 statutes and . . . Section 687.03 was amended in several small and insignificant ways not germane to this discussion. . . . However, Sections 687.02, 687.03, and 687.04 do now and always have provided penalties for the charging . . .

R. McTIGUE, G. v. AMERICAN SAVINGS LOAN ASSOCIATION OF FLORIDA, a C. D. I., 344 So. 2d 254 (Fla. Dist. Ct. App. 1977)

. . . . § 687.03(2); Financial Federal Savings and Loan Assn. v. . . .

J. WELLS, v. FREEDMAN, 342 So. 2d 983 (Fla. Dist. Ct. App. 1977)

. . . .-02, 687.03 and 687.071(7), Florida Statutes. . . .

R. SUMNER v. INVESTMENT MORTGAGE COMPANY OF FLORIDA, a, 332 So. 2d 103 (Fla. Dist. Ct. App. 1976)

. . . unnecessary for us to consider these issues, because even if Investment technically violated Section 687.03 . . .

SPENCER, v. CITY NATIONAL BANK OF MIAMI,, 43 Fla. Supp. 74 (Dade Cty. Cir. Ct. 1975)

. . . the value of which substantially depends on the success of the venture within the meaning of Section 687.03 . . . said stock was substantially dependent upon the success of the venture within the meaning of Section 687.03 . . . Paragraph 3 was not substantially dependent upon the success of the venture within the meaning of Section 687.03 . . . These parties specifically aver that the amendment to Section 687.03 F. S., F. S. . . . These parties also specifically aver that Section 687.03 (3), which was enacted by the legislature in . . .

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

. . . . § 687.03, purposes, that converts to a simple rate of 10.85%. . . . the effective rate exceeds 15%, the maximum interest rate permitted on corporate loans under F.S.A. § 687.03 . . . Probably should read “payment.” . 687.03 Unlawful rates of interest defined; proviso It shall be usury . . . computed upon the assumption that the debt will be paid according to the agreed terms * * F.S.A. § 687.03 . . .

E. PADGETT v. FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF LAKE WORTH, a, 297 So. 2d 101 (Fla. Dist. Ct. App. 1974)

. . . . § 687.03, F.S.A. . . .

H. GOODFRIEND, v. J. DRUCK,, 289 So. 2d 710 (Fla. 1974)

. . . . §§ 687.03 or 687.071 (1971), F.S.A. . . .

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 . . .

W. B. DUNN CO. INC. v. MERCANTILE CREDIT CORPORATION, a, 275 So. 2d 311 (Fla. Dist. Ct. App. 1973)

. . . or any agent, officer or other representative of any person, willfullv violating the provisions of § 687.03 . . .

P. STAROS v. AVALON SHORES, INC. a P., 249 So. 2d 448 (Fla. Dist. Ct. App. 1971)

. . . loan transaction between appellants and appellees was infected with usury in violation of F.S. section 687.03 . . . debt, provides that if the loan is found to be usurious contrary to the provisions of F.S. section 687.03 . . . “Any person * * * willfully violating the provisions of § 687.03 shall forfeit the entire interest so . . .

CURTISS NATIONAL BANK OF MIAMI SPRINGS, v. E. SOLOMON,, 243 So. 2d 475 (Fla. Dist. Ct. App. 1971)

. . . of the renewal or new loan to the borrower, constituted interest within the meaning and intent of § 687.03 . . . Under the broad language of the Florida Statute (§ 687.03) against exaction of excessive interest, directly . . .

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. . . . Section 687.04 provides that any lender wilfully violating the provisions of Section 687.03 shall forfeit . . . Section 687.03, F.S.A. . . . Section 687.03, F.S.A., as to corporate loans, by taking, or who has been paid, interest in excess of . . .

AMERICAN ACCEPTANCE CORPORATION, v. P. SCHOENTHALER A., 391 F.2d 64 (5th Cir. 1968)

. . . AAC employs a comparison of Florida Statutes 687.03, 687.04 and 687.07 to reach the conclusion that 687.07 . . . An analysis of the preceding provisions reveals that 687.03 contains the general definition of civil . . . It is necessary to look to 687.04 for the penalty provisions of 687.03. . . . Section 687.-07 contains both the prohibitions and the penalties, unlike the dichotomy of 687.03 and . . . The judgment of the District Court is affirmed. . 687.03. . . .

RIVER HILLS, INC. v. C. EDWARDS, 190 So. 2d 415 (Fla. Dist. Ct. App. 1966)

. . . Section 687.03, F.S.A., and also in excess of 25% under the total forfeiture provisions of F.S. . . . Two affirmative defenses were also interposed, one alleging usury under Florida Statute § 687.03, F.S.A . . .

M. ROSS v. M. WHITMAN,, 181 So. 2d 701 (Fla. Dist. Ct. App. 1966)

. . . court was of the opinion that the plaintiff was not guilty of “wilfully violating the provisions of § 687.03 . . . usurious, and having pleaded usury the borrower was entitled to forfeiture of the interest, under § 687.03 . . . Reversed and remanded with directions. . § 687.03 Fla.Stat., F.S.A. provides that it is unlawful “to . . . annum.” . § 687.04 Fla.Stat., F.S.A. provides that any person wilfully violating the provisions of § 687.03 . . .

GORDON, v. WEST FLORIDA ENTERPRISES OF PENSACOLA, INC., 177 So. 2d 859 (Fla. Dist. Ct. App. 1965)

. . . promissory noté was usurious in that the interest reserved exceeded 15% per annum in violation of Section 687.03 . . . Except in certain instances not applicable to this suit, Section 687.03, Florida Statutes, F.S.A., makes . . . 687.04, Florida Statutes, F.S.A., provides that one who willfully violates the provisions of Section 687.03 . . . The reservation of the interest in this case in addition to ‘civil usury’ under §§ 687.03 and 687.04, . . .

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

. . . F.S.A., .and the Court further finds that the provisions of § 687.02, Florida Statutes, F.S.A., and § 687.03 . . . XIV, Small Loans, pp. 109, 110. . § 687.03, Florida Statutes, F.S.A. . Purvis v. . . .

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

. . . has been carried forward in the successive statutory revisions, and now appears as Sections 687.02, 687.03 . . .

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

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

LEE CONSTRUCTION CORP. a v. NEWMAN d b a Co., 143 So. 2d 222 (Fla. Dist. Ct. App. 1962)

. . . device used to make it appear otherwise, was a loan at a usurious rate of interest, in violation of §§ 687.03 . . . Section 687.03, Fla.Stat., F.S.A., provides it shall be usury and unlawful to charge for any loan or . . . Section 687.04 provides that for wilful violation of the provisions of § 687.03 there is a forfeiture . . .

E. B. BROWN, v. HOME CREDIT CO., 137 So. 2d 887 (Fla. Dist. Ct. App. 1962)

. . . discount” on the $3,750 note were in fact interest in excess of that permitted to be charged under § 687.03 . . . Section 687.03, F.S.A., provides that it shall be usury to charge interest on a loan in excess of ten . . . Section 687.04, F.S.A., imposes penalties for violation of § 687.03. . . . § 687.07 as has the term “civil usury” been likewise applied to interest charged in violation of § 687.03 . . . The reservation of the interest in this case in addition to “civil usury” under §§ 687.03 and 687.04, . . .

E. TRAVERS W. v. E. TILTON H., 134 So. 2d 807 (Fla. Dist. Ct. App. 1961)

. . . Section 687.03, F.S.A. provides that when a creditor makes a charge, directly or indirectly, whereby . . . Section 687.04 provides that whoever willfiitty violates the provisions of preceding Section 687.03 shall . . .

H. KAY W E v. M. AMENDOLA,, 129 So. 2d 170 (Fla. Dist. Ct. App. 1961)

. . . . § 687.03, F.S.A., “It shall be usury and unlawful for any person * * * to reserve, charge or take for . . .

CONNER AIR LINES, INC. F. A. v. AVIATION CREDIT CORPORATION, L. B. L. B. AVIATION CREDIT CORPORATION, v. CONNER AIR LINES, INC. F. A. G., 280 F.2d 895 (5th Cir. 1960)

. . . . § 687.03. . . . person, or agent, officer or other representative of any person, willfully violating the provisions of § 687.03 . . .

SILVERSTEIN v. C. WAKEFIELD, 112 So. 2d 406 (Fla. Dist. Ct. App. 1959)

. . . acting as agent of the defendants Silverstein with the object of avoiding the provisions of Section 687.03 . . .

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 . . . borrower under such a usurious contract, which represents a wilful violation of the provisions of § 687.03 . . . These usury statutes (§§ 687.03 and 687.04, ibid.) show a clear legislative intent to prevent accomplishment . . . [now § 687.03, Fla.Stat., F.S.A.]. . . . of the loan, as a sham contrivance or device, for the purpose of evading the provisions of section 687.03 . . .

W. STEWART A. v. S. NANGLE, 103 So. 2d 649 (Fla. Dist. Ct. App. 1958)

. . . exceeded the statutory maximum return of ten (10%) per cent and is clearly in violation of Section 687.03 . . .

H. WENCK R. v. INSURANCE AGENTS FINANCE CORPORATION, a, 99 So. 2d 883 (Fla. Dist. Ct. App. 1958)

. . . pleading usury as provided by sections 4851 and 4852, Revised General Statutes of Fla.1920 (Sections 687.03 . . .

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

. . . $2,226.72, would yield interest at the rate of 15.35% per an-num in violation of Sections 687.02 and 687.03 . . .