Legal Status
Legal
Citation
Fl. Stat. Ann. §§ 560
Loan Terms
Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% of the loan amount, plus a $5 verification fee
Finance Charge for 14-day $100 Loan: $15
APR for 14-day $100 Loan: 391%
Debt Limits
Maximum Number of Outstanding Loans at One Time: One. A deferred presentment provider may not enter into a deferred presentment transaction with a drawer who has an outstanding deferred presentment transaction with that provider or with any other deferred presentment provider, or with a person whose previous deferred presentment transaction with that provider or with any other provider has been terminated for less than 24 hours. Fla. Stat. § 560.404(19)
Rollovers Permitted: None. A deferred presentment provider or its affiliate may not engage in the rollover of a deferred presentment agreement. Fla. Stat. §560.404(18).
Cooling-off Period: 24 hours. Fla. Stat. § 560.404(19)(a).
Repayment Plan: If, by the end of the deferment period, the drawer informs the deferred presentment provider in person that the drawer cannot redeem or pay in full in cash the amount due and owing the deferred presentment provider, the deferred presentment provider shall provide a grace period extending the term of the agreement for an additional 60 days after the original termination date, without any additional charge. Fla. Stat. §560.404(22). Credit counseling required. Fla. Stat. §560.404(22)(a).
Collection Limits
Collection Fees: If a check is returned to a deferred presentment provider from a payor financial institution due to lack of funds, a closed account, or a stop-payment order, the deferred presentment provider may seek collection pursuant to s. 68.065, except a deferred presentment provider may not collect treble damages. Fla. Stat. §560.406(1).
Criminal Action: Prohibited. See Fla. Stat. §560.404.