The 2023 Florida Statutes (including Special Session C)

Title XXXIX
COMMERCIAL RELATIONS

Chapter 687
INTEREST AND USURY; LENDING PRACTICES

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F.S. 687.12

687.12 Interest rates; parity among licensed lenders or creditors.—

(1) Any lender or creditor licensed or chartered under chapter 516, chapter 520, chapter 657, chapter 658 or former chapter 659, former chapter 664 or former chapter 656, chapter 665, or part XV of chapter 627; any lender or creditor located in this state and licensed or chartered under the laws of the United States and authorized to conduct a lending business; or any lender or creditor lending through a licensee under part III of chapter 494, is authorized to charge interest on loans or extensions of credit to any person as defined in s. 1.01, or to any firm or corporation, at the maximum rate of interest permitted by law to be charged on similar loans or extensions of credit made by any lender or creditor in this state, except that the statutes governing the maximum permissible interest rate on any loan or extension of credit, and other statutory restrictions relating thereto, also govern the amount, term, permissible charges, rebate requirements, and restrictions for a similar loan or extension of credit made by any lender or creditor.

(2) This section shall be construed to permit any lender or creditor which is otherwise authorized to make a particular loan or extension of credit to charge interest at a rate permitted to be charged by other lenders or creditors on similar loans or extensions of credit, but shall not be construed to grant any lender or creditor the power or authority to make any particular type of loan or extension of credit which it is not otherwise authorized to make. For purposes of this section, direct loans for the purchase of goods or services, and extensions of credit for the acquisition of goods or services by the seller or provider thereof, shall be deemed to be similar loans or extensions of credit.

(3) In making loans or extensions of credit, lenders or creditors shall be subject only to the licenses, examinations, regulations, documents, procedures, and disclosures required by the respective laws under which each lender or creditor is licensed or organized, and not to those required by laws governing other lenders or creditors.

(4) In making loans or extensions of credit at a rate of interest that, but 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.

History.—s. 1, ch. 77-371; s. 259, ch. 79-400; s. 474, ch. 81-259; s. 60, ch. 91-245; s. 206, ch. 92-303; s. 69, ch. 2009-241.

F.S. 687.12 on Google Scholar

F.S. 687.12 on Casetext

Amendments to 687.12

Arrestable Offenses / Crimes under Fla. Stat. 687.12

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 687.12.

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)

. . . Section 687.12, Florida Statutes (2009), Did Not Require the Words "Chapter 520" to Appear on the Face . . . This argument is based on a misapplication of section 687.12, Florida Statutes (2009), known as the " . . . Section 687.12 is entitled "Interest rates; parity among licensed lenders and creditors." . . . (quoting § 687.12(4) ). . . . instrument "the specific chapter of the Florida Statutes authorizing the interest rate charged." § 687.12 . . .

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

. . . . § 687.12. . . . Stat. §§ 627.840(3)(a)-(b), 687.12. . . . Stat. § 687.12(4) requires that [i]n making loans or extensions of credit at a rate of interest that, . . .

A. NUSSBAUM, P. v. MORTGAGE SERVICE AMERICA COMPANY,, 913 F. Supp. 1548 (S.D. Fla. 1995)

. . . . § 687.12(1). . . . Florida Statute § 687.12(1) extends the provisions of § 665.074 to all lenders licensed under Florida . . .

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

. . . In addition to the above statutory purge, sections 687.12 and 687.13 still exempt most institutional . . .

SOUTH POINTE DEVELOPMENT COMPANY, v. CAPITAL BANK,, 573 So. 2d 939 (Fla. Dist. Ct. App. 1991)

. . . not an “association,” Section 665.077 is nonetheless applicable to Capital Bank pursuant to Section 687.12 . . . Section 687.12, which is entitled “Interest rates; parity among licensed lenders or creditors,” provides . . . extension of credit the specific chapter of the Florida Statutes authorizing the interest rate charged. § 687.12 . . . law to be charged on similar loans ... made by any lender or creditor in the State of Florida. ...” § 687.12 . . . also comply with all the requirements imposed on such a lender for the type of loan it is making. § 687.12 . . .

FIRST AMERICAN BANK AND TRUST v. DAHDAH,, 29 Fla. Supp. 2d 61 (Fla. Cir. Ct. 1988)

. . . its loan cannot be usurious, since it is a parity lender in accordance with Florida Statutes Section 687.12 . . . Plaintiff, attempting to qualify under Florida Statutes §687.12(4), indicated in the body of the note . . . They deny, however, that § 687.12 allows plaintiff to charge what they claim is a criminally usurious . . . No Florida cases interpreting Chapter 687.12 have been brought to the Court’s attention. One U. S. . . . Subsection (2) of the § 687.12 provides, in part: (2) This section shall be construed to permit any lender . . .

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

. . . . § 687.12, a parity statute, creates an exception for certain lendors or creditors who would otherwise . . . was authorized by F.S.A. § 665.-077 and that this language constituted notice as required by F.S.A. § 687.12 . . .

R. Jr. G. v., 40 B.T.A. 824 (B.T.A. 1939)

. . . Murdock; The Commissioner determined a deficiency of $365,-687.12 in the income tax of these petitioners . . .