Florida § 655.56 - Collection of fines, interest, or premiums on loans made by financial institutions.
Full text of Florida Florida Statutes § 655.56 — Collection of fines, interest, or premiums on loans made by financial institutions., with citation guidance and answers to common questions.
§ 655.56. Collection of fines, interest, or premiums on loans made by financial institutions.
No fines, interest, or premiums paid on the following loans made by any financial institution shall be deemed usurious, and the same may be collected as debts of like amount are now collected by law in this state and according to the terms and stipulations of the agreement between the financial institution and the borrower: (1) Loans secured by a first lien on real estate. (2) Loans secured by savings accounts to the extent of the withdrawal value thereof. (3) Loans secured by the pledge of those loans described in subsections (1) and (2) and by the pledge of investments of a type in which the financial institution is authorized to invest, provided the loans and investments so pledged shall be subject to all restrictions and requirements which would be applicable were the financial institution to invest directly in such loans or investments. (4) Loans secured by a wrap-around mortgage, inferior to the first mortgage, in which the mortgagee is contractually obligated to make the payments required under the first mortgage.
Source: official Florida text · Last verified 2026-08-27
Frequently Asked Questions About Florida § 655.56
What does Florida Statutes § 655.56 cover?
Section 655.56 ("Collection of fines, interest, or premiums on loans made by financial institutions.") is part of the Florida Statutes, the codified statutory law of Florida. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Florida § 655.56?
A common citation format is "Florida Statutes § 655.56" (Florida). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 655.56 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Florida.