Payday loan laws in Florida
Status: Legal (Fl. Stat. Ann. §§ 560.402 et seq.; Rules 69V-560.707, 69V-560.901-912)
For Lenders
Lending specifications:
- Maximum loan amount: $500
- Loan tenure: 7-31 days
- Fees and finance charges: 10% of check + verification fee (max $5)
- Finance charge on a 14-day $100 loan: $16.11
- APR on 14-day $100 loan: 419%
Collection restrictions:
- Collection fees: The charges imposed on the lender by any financial institution; lender not entitled to assume any damages.
- Criminal procedures: Prohibited
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: Single
- Rollovers allowed: None
- Cooling-off phase: 24 hours
- Repayment plan: Available
Complaint cell:
- Regulator: Florida Office of Financial Regulation
- Address: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
- Phone: (850) 410-9805
- Fax: (850) 410-9748
- Website: http://www.flofr.com/default.htm
- Complaint cell: https://www.flofr.com/sitePages/fileacomplaint.htm
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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