Fla. Stat. 516.035
Rate of interest upon default


In the event that any balance remains unpaid at the expiration of the scheduled maturity date of a loan, licensees may continue to charge interest on the unpaid balance at the rate provided for in s. 516.031(1) for a period not to exceed 12 months. Thereafter, the interest shall not exceed the permissible rate of interest provided by chapter 687. When advances are made pursuant to a line of credit, a licensee may charge interest on the unpaid balance at the rate provided for in s. 516.031(1) for the period a balance remains unpaid.

Source: Section 516.035 — Rate of interest upon default, https://www.­flsenate.­gov/Laws/Statutes/2024/0516.­035 (accessed Aug. 7, 2025).

Current through Fall 2025

§ 516.035. Rate of interest upon default's source at flsenate​.gov