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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 How to start a payday, installment or car title loan company
Payday Lenders (Deferred Presentment Providers)
A payday lender provides a short-term loan in exchange for a person's check and a fee. The lender agrees to hold the check for a period of time before depositing it.
In Florida, the Florida Office of Financial Regulation's Division of Consumer Finance regulates payday lenders. You can verify a license or file a complaint on the OFR website or call (850) Its Your Money (850-487-9687), if you have additional questions.
Consumers who take out a payday loan from a licensed lender are entitled to the following protections under Florida law:
Florida Payday Loan Laws & Legislaion State Information
Legal Status: Legal
Where to Complain, Get Information: