Consumer Credit Regulation: 12.2.4.10 Florida
In Florida, auto title lending is authorized by the Florida Title Loan Act.,73 Interest rates are capped at 30% per year on the first $2,000, 24% per year on the principal amount exceeding $2,000, and 18% per year on the remainder.74 The statute provides that the principal to which these rates apply is the amount financed as defined by the federal Truth in Lending Act.75 The effect of this provision is to prevent a lender from evading the interest rate c