Florida Law on Payday Advances
In an attempt to control the payday loan industry, the state of Florida introduced regulations administered by the Office of Financial Regulations. To reduce the impact of unscrupulous lenders, Florida made payday advance loans illegal.
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Loans
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The maximum amount that can be borrowed in any form of cash advance loan in Florida is $500 over a period of between seven and 31 days. The maximum interest rate allowed to be charged on a loan is 18 percent.
Repayment
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A customer unable to repay a loan on the agreed date must inform the lender on or before the repayment date. If the customer cannot repay the loan by that date, the loan must be frozen for 60 days without any additional fees or interest charges added.
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Counseling
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Florida law requires a customer who fails to repay a loan to enter a credit counseling program within the 60-day grace period. When the customer contacts a credit counseling service and agrees to a repayment plan that is fair, the lender must agree to that plan.
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