Q: Is a 23.99% a violation of usury laws in FL if so what are my options for recourse?
I purchased in2014 and still own it. But have only been able to pay down 3k of the principle since then. My family fell on hard times and it was recently repossessed
A:
The short answer is that the loan is probably usurious under Florida law, but you should talk to a Florida licensed consumer protection attorney for a full evaluation.
Fla. Stat. § 687.02 defines "Usurious contracts” as:
All contracts for the payment of interest upon any loan, advance of money, line of credit, or forbearance to enforce the collection of any debt, or upon any obligation whatever, at a higher rate of interest than the equivalent of 18 percent per annum simple interest are hereby declared usurious. However, if such loan, advance of money, line of credit, forbearance to enforce the collection of a debt, or obligation exceeds $500,000 in amount or value, then no contract to pay interest thereon is usurious unless the rate of interest exceeds the rate prescribed in s. 687.071.
But there are other factors to consider, and I can't possibly know how you are calculating the interest rate you specified in the question.
You can find a Florida licensed lawyer by using the lawyer search function on this website, or by calling your local bar association.
Best of luck.
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