Usury is purely interest rate not an equitable interest in any equity. Usury is 18% in Florida. DO NOT CALL/EMAIL US LOOKING FOR FURTHER FREE ADVICE/ANSWERS OR WITH COMMENTS ABOUT QUESTIONS/RESPONSES HERE- we simply cannot accommodate these types of calls/email on such a large scale from the dozens of responses we post daily.
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The Florida high court made these observations relating to the application of the equitable mortgage doctrine in Florida: "An important, if not a controlling guide in determining the intention of the parties is the purpose sought to be accomplished by them. Purpose is usually an unerring indication of intention."
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Florida’s usury laws, set forth in F.S. Ch. 687, prescribe a maximum rate of interest of 18 percent on loans of less than $500,000. 7 On loans that exceed $500,000, the maximum legal rate of interest is 25 percent. 8 Significantly, it is a criminal offense – misdemeanor or felony – to provide loans which have effective interest rates of.
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Legal Mortgage Vs. Equitable Mortgage. A mortgage isn’t a loan. It’s actually the security document that protects your bank’s rights under your loan. In a mortgage, you give the bank a right to.
The stated general usury limit is the rate that can be charged by one person or corporation to another. In other words, if you lend your next door neighbor 0.00, the rate stated is the limit. If you want to charge more than the listed rate, you would need a special license such as a banking or pawnbroking license.
2005 Florida Code – REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS MORTGAGE BROKERAGE AND MORTGAGE LENDINGChapter 494.. or ultimate equitable owner of 10 percent or more of the licensed corporation to the office in a form prescribed by rule of the commission not later than 30.