Lawn Care Forum banner

Highest Interest rate in Florida I can charge?

3015 Views 5 Replies 4 Participants Last post by  SeedPro
Anyone in Florida know what is the highest interest rate I can charge on past due ($) accounts from my clients? I thought I read somewhere where it was 12% on the monthly balance but not sure. Most of my clients promptly pay upon completion but I have a few who said they'd mail a check...aka "deadbeat" mentality. Thanks.
1 - 2 of 6 Posts
I called the FL Dept of Business & Professional Regulation & was told it was 18%. I asked if it had to say 18% in the contract or could I charge the 18 AFTER the account was past due, the customer service rep was not sure. He referred me to FL Statute 687:>2009->Chapter 687

"INTEREST AND USURY; LENDING PRACTICES">2009->Ch0687->Section 03#0687.03

687.03 "Unlawful rates of interest" defined; proviso.--

(1) Except as provided herein, it shall be usury and unlawful for any person, or for any agent, officer, or other representative of any person, to reserve, charge, or take for any loan, advance of money, line of credit, forbearance to enforce the collection of any sum of money, or other obligation a rate of interest greater than the equivalent of 18 percent per annum simple interest, either directly or indirectly, by way of commission for advances, discounts, or exchange, or by any contract, contrivance, or device whatever whereby the debtor is required or obligated to pay a sum of money greater than the actual principal sum received, together with interest at the rate of the equivalent of 18 percent per annum simple interest.
See less See more
1 - 2 of 6 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.