Florida Promissory Note PDF
Florida at a glance: Usury Limit: 18% per year (for loans $500,000 or less) · Notarization Required: No (recommended) · Governing Law: Fla. Stat. § 687.02
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Promissory Notes in Florida
Florida promissory notes are governed by Chapter 687 of the Florida Statutes. Florida sets a maximum interest rate of 18% per year for loans of $500,000 or less. Loans exceeding $500,000 are subject to a 25% usury cap.
Charging more than 25% interest is classified as criminal usury (a misdemeanor or felony depending on the rate) under Florida law.
Florida Promissory Note — Quick Reference
| Requirement | Florida Rule |
|---|---|
| Usury Limit | 18% per year (for loans $500,000 or less) |
| Notarization Required | No (recommended) |
| Governing Law | Fla. Stat. § 687.02 |
| Late Fee Cap | Must be reasonable |
Florida Legal Requirements
- Interest rate must not exceed 18% per year for loans under $500,000.
- Rates above 25% are criminally usurious and unenforceable.
- Sufficient description of payment intervals and borrower details must be provided.
Florida Governing Laws
Read the full text of these laws at Cornell Law School's Florida legal resources or your state legislature's official website.