Florida payday loan laws

Legal Status: Legal

Citation: Fl. Stat. Ann. §§ 560.402 et seq.

Loan Terms:

Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% of check + verification fee not to exceed $5
Finance Charge for 14-day $100 loan: $16.11
APR for 14-day $100 loan: 419%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes. Grace period extends term 60 days, no additional charge.  Credit counselling required.

Collection Limits:

Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Florida Office of Financial Regulation
Address: Florida Office of Financial Regulation, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805 
Fax: (850) 410-9748

Sourced from paydayloaninfo.org

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