Florida Payday Loan Laws & Legislation

Florida Payday loan laws. Florida Payday loan legislation. 10% of the face amount of the payday loan plus a maximum $5.00 verification fee.

The permitted time period is a minimum of 7 days and a maximum of 31 days. The maximum amount of the cash advance is $500. There are no rollovers allowed.

For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to Payday and Paycheck Loans.com

Florida Payday Loan Laws & Legislaion State Information

Legal Status: Legal

Citation:
Fl. Stat. Ann. § 560.401 et seq.; Rule 69V-560.901-912

Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes

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: Division of Securities and Finance, 200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748
Regulatory Contact: ,
Regulator Website

Licensee Database

Online Resources:
Deferred Presentment Providers Information Page