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Florida Constitution Revision Commission

PUB 700555: Maximum per Annum Interest Rate to Be Charged or Received for Extension of Credit by Bishop Adam Jefferson Richardson, Jr.

ARTICLE X: MISCELLANEOUS, New Section.

Catchline: Maximun Per Annum Interest Rate To Charged Or Received For Extension Of Credit

 

Public Proposal: 30% Rate Cap

ARTICLE X, SECTION 30.

  1. The maximum lawful annual percentage rate charged or received for the extension of credit is 30 percent per annum.
  2. The calculation of interest shall include any periodic or nonperiodic interest, any periodic or nonperiodic finance charge, any ancillary products or services, and any other charges or fees incident to the extension of credit.
  3. Any contract for the extension of credit that does not comply with the requirements of this section shall be void as to principal and interest.