Florida Payday Loan Laws and Regulations

Following are the laws relating to payday loans in Florida:

- Loan ceiling: $500
- Number of simultaneous loans: One, with a period of 24 hours for cooling off.
- Loan term: Minimum 7 days. Maximum 31 days.
- No rollovers.
- 10% of the loan shall be attributed to fees and costs.
- APR per $100: 419%.

A central database is used for tracking all payday loans in the USA. A grace period of 60 days is allocated in Florida for those who cannot pay the loans on time. Through this period, borrowers must go with credit counseling to ensure outstanding dues are cleared.

Florida Consumer Protection

A rate cap is imposed on payday loan borrowings within Florida. However, there are laws that provide protection for borrowers. For instance, a bad check submitted by borrowers will result in no prosecution from the lenders. A compensation can be demanded, which would be 10% of the value of the bad check. The Florida Office of Financial Regulation deals with all complaints and queries relating to payday loans. Contact can be made via email, phone or fax.

Florida Office of Financial Regulation
101 E. Gaines Street
Tallahassee, FL 32399
Phone: (850) 410-9701
Fax: (850) 410-9768
Website: http://www.flofr.com

Interesting Facts About Florida

This state, also known as “The sunshine state”, is located on the east coast of United States of America. St. Augustine, one of the oldest European settlements in North America, is also found in this state. Although Florida is found in the furthest part of the south coast, it is still not the most southern state in its traditions and cultures.  This state is one of the top travel destinations in the whole world and this is why tourism has a huge impact on its economy. This state is plays a supporting role in generating revenue for the surrounding south eastern areas of the country. It is also famous for its distinguished studios such as universal studios, SeaWorld studios and Disneyworld. All of them have a reputation and a namesake worth billions of dollars. This state is also known for its production of oranges and wide range of amusement parks.
If you wish to know more about this great state then here’s a list of some interesting facts:

  1. Miami is the only metropolitan area in the whole United States whose boundaries encircle two national parks- the pristine Everglades National Park and the Biscayan National Park. You can hike in one park or ride on glass bottom boats in the other one respectively.
  2. Safety Harbor in this state is the place where historic Espiritu Santo Springs are found. These natural springs were given their name in 1539 by a Spanish explorer, who was searching for the famous and legendary Fountain of Youth. These springs are a famous tourist attraction for visitors from all over the world.
  3. The name of a very famous and commonly used drink, Gatorade was originated from the University of Florida Gators. This university is also the place where the drink was originally developed.
  4. One of the few rivers that flow north instead of south is also found in this state. The name of this river is The Saint John’s river.
  5. The unofficial animal for this state was the American Alligator. It is also known as Alligator and was made the official reptile for Florida in 1987. This was also an unofficial symbol of the state. This symbol represents the amount of swamps and wilderness found in the state.
  6. Lightening and thunderstorm is a very huge issue in this state and due to its extensive, common occurrence an average of 10 deaths and 30 injuries are recorded every year. This occurrence of storms is more in this state than in any other even though the heat, moisture and lifting mechanism is very high.
  7. New River near Ft. Lauderdale is the world’s deepest river ever found. It reaches 90 feet of depth. Native Americans named this lake New River because at one time it flows underground.
  8. Just after sunset a very catchy and brilliant phenomena occurs near west coast side of Florida. It is an atmospheric phenomenon also known as The Flash of Green.
  9. Gentle manatees found in Crystal River are the only place found in North America where it is legal to swim with these huge but friendly animals.
  10. The city of Orlando has one of the best amusement parks and it attracts more tourists and visitors than any other amusement park in the whole of US.
  11. Because of the abundance of beaches and sunshine found in this state the first widely used and in demand suntan cream was produced here. Talk about need being the mother of invention.
  12. The bird watchers paradise Tallahassee, which is also the capital city of Florida, is found in Leon County. There are 497 species of birds found in this state that visit or live here. 372 of these 497 species can be found in Tallahassee.
  13. Okeechobee is the largest fresh water lake of the United States of America. It covers 19, 00 square meter of surface.
  14. Miami’s Everglades National Park covers around 1.5 million acres. It consists of swamps, subtropical jungle and marshes which inhabit 14 very rare and endangered species of animals.
  15. This is the only state of America where on the basis of simple majority verdict the jury has the right to recommend a death sentence.
  16. In Florida if the weight of a highway patrol officer is 15 pounds overweight then their bonuses are canceled. 

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