It is important to understand the payday lending laws in Florida.  We have outlined them here for your benefit.  We try to keep this information as updated and accurate as possible; however, inaccuracies can occur.  Please consult the Florida Department of Financial Regulations for the most comprehensive and accurate information.

Legal Status of Payday Loans in Florida:
Payday loans are legal in the State of Florida.

Specifics of Florida Payday Loans:

• Max Amount:  $500
• Loan Term:  7 to 31 days
• Max Rate of Finance Charges:  10% plus Verification Fees
• Finance Charge on $100 loan for 2-weed period – $15
• APR for $100 loan for 2-week period – 390%

Debt Limitations:

• Permissible Number of Payday Loans to have Outstanding:  only 1 at a time
• Max Number of Allowable Rollovers:  Rollover is prohibited (other terms include renewals, extensions)
• Cooling-off Period:  one day (24 hours)
• Repayment Plan:  Yes, borrowers are entitled to a repayment plan

Collection Limitations:

• Collection Fees Amount:  Permitted.  Borrower can be charged for all charges imposed on the lender by a financial institution.  Lender cannot triple damages.
• Criminal Action:  Prohibited.  Lender CANNOT take legal action against borrower for not repaying loan.

State Regulatory Body for More Information:

• Regulatory Agency:  Florida Office of Financial Regulation
• Street Address:  Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
• Phone Number:  (850) 410-9805
• Web Address:  http://www.flofr.com

Citation regarding Payday Lending in the Florida State Jurisdiction is Fl. Stat. Ann. § 560.401 et seq.; Rule 69V-560.901-912