Florida Consumer Protections: Florida allows payday lending with notable consumer-protection context including a statewide database preventing multiple simultaneous loans, a $500 cap, and a 24-hour cooling-off period. The Office of Financial Regulation oversees all consumer lenders. Consumers can file complaints online through the OFR or the Attorney General.
Interest Rate Cap: Florida usury cap: 18% for loans under $500,000; 25% criminal usury threshold; payday loans regulated separately.
Key Regulations: - Payday loans (deferred presentment) capped at $500 with maximum fee of $10 per $100 ($300) or $15 per $100 ($300-$500).
- Borrowers can have only one outstanding payday loan at a time, tracked via a statewide database.
- A mandatory 24-hour cooling-off period is required between payday loans.
- The Florida Consumer Finance Act regulates installment lenders with tiered rate caps.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with Florida Attorney General Consumer Protection Division.
