Legal Question in Real Estate Law in Florida

Re: Interest on past due rent

No that is usurious and illegal. Florida Statute �687.02(1) provides that the maximum is 18.00 percent "per year" 1% per day would be 365% per year so it is clearly excessive. The statute provides that �All contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, or upon any obligation whatever, at a higher rate of interest than the equivalent of 18 percent per annum simple interest are hereby declared usurious.�

Good luck,

Randall Gilbert

www.theconstructionlawyers.com