A Wrinkle In Fla. Usury Law Regarding 1st Mortgages

Law360, New York (July 9, 2013, 2:04 PM EDT) -- Most Florida lawyers who practice in the area of real estate lending probably think they know everything they need to know about Florida usury laws. Chapter 687, Florida Statutes (2013), establishes a two-tier usury limit, with loans in the amount of $500,000 or less being subject to an 18 percent limit, and loans in excess of $500,000 being subject to a 25 percent limit. That seems simple enough, but one often-overlooked wrinkle is the apparent exception stated in Section 655.56, Florida Statutes (2013).

On its face,...
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