516.035 Rate of interest upon default.
96 words·~1 min read·
/fl/title-xxxiii/chapter-516/516-035A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the event that any balance remains unpaid at the expiration of the scheduled maturity date of a loan, licensees may continue to charge interest on the unpaid balance at the rate provided for in s. 516.031
(1)for a period not to exceed 12 months. Thereafter, the interest shall not exceed the permissible rate of interest provided by chapter 687. When advances are made pursuant to a line of credit, a licensee may charge interest on the unpaid balance at the rate provided for in s. 516.031
(1)for the period a balance remains unpaid.