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Florida Promissory Note
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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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Overview
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.
Key Facts
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 |
Legal Requirements
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.
Governing Laws
Florida Governing Laws
Fla. Stat. § 687.02
Usury Defined
Defines usurious contracts as those charging more than 18% per year on loans under $500,000.
Fla. Stat. § 687.071
Criminal Usury
Imposes criminal penalties for charging interest rates exceeding 25% per year.
Read the full text of these laws at Cornell Law School's Florida legal resources or your state legislature's official website.
Questions & Answers
Florida Promissory Note — Frequently Asked Questions
What is the maximum legal interest rate in Florida?
The maximum interest rate for standard consumer and commercial loans under $500,000 in Florida is 18% per year. For loans over $500,000, the cap is 25%.
What is the default interest rate in Florida if none is specified?
Under Florida law, if a contract does not specify an interest rate, the rate is set quarterly by the Chief Financial Officer of the state.