Extensive Knowledge Of Usury Law
Usury is the charging of interest on loans at a rate that is higher than is permitted by state law. In Florida, the maximum permissible interest rate is 18% per annum. If a lender charges interest at a higher rate than 18% computed on an annual basis, the lender is subject to civil penalties that include forfeiture of the interest, both already paid and remaining to be paid.The lender can recover only the principal loaned.
If the lender charges interest at a rate higher than 45% computed on an annual basis (criminal usury), the lender is subject to both civil and criminal penalties. In a civil lawsuit, the lender found guilty of criminal usury forfeits both the principal and the interest: the lender cannot enforce the debt in the state of Florida. § 687.071(7), Fla. Stat.
We Will Protect Your Rights
Commercial or professional lenders who charge these high rates of interest will normally not call their loan a “loan,” but may instead disguise the loan as a “purchase and sale agreement”. Regardless of what the lender calls the agreement, if he gives you money that you must pay back over a period of time in a larger amount, the transaction is very likely a loan that would be subject to the usury laws of the state of Florida. As your lawyers, we would assert your rights against the lender if he has charged you interest at a usurious or usury rate. We have experience with issues regarding illegal interest rates.
Contact Us For Knowledgeable Representation
Warren Gammill & Associates, P.L., located in Miami, can provide skilled legal advocacy for your case. You can schedule an initial consultation with our attorney, Warren Gammill. To reach us, call 305-579-0000 or send the law firm an email today.