Florida § 658.491 - Commercial loans by financial institutions.
Full text of Florida Florida Statutes § 658.491 — Commercial loans by financial institutions., with citation guidance and answers to common questions.
§ 658.491. Commercial loans by financial institutions.
(1) In making collateralized commercial loans secured by accounts, contract rights, or other receivables, any bank may charge and collect audit charges in addition to interest. All such audit charges shall be excluded from interest in determining compliance with chapter 687, relating to interest and usury. (2) For purposes of this section, “audit charges” means all charges payable to the bank or any of its affiliates for auditing, verifying, or otherwise evaluating accounts, contract rights, or other receivables prior to or during the term of the collateralized commercial loan. The amount of the charges shall be determined by written agreement between the borrower and the bank or any such affiliate. The parties may, without limitation, establish audit charges as a percentage of the total amount of receivables outstanding from time to time. (3) Nothing contained in this section shall: (a) Prohibit a bank from collecting charges other than audit charges; or (b) Render other charges “interest” for purposes of determining compliance with chapter 687.
Source: official Florida text · Last verified 2026-08-27
Frequently Asked Questions About Florida § 658.491
What does Florida Statutes § 658.491 cover?
Section 658.491 ("Commercial loans 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 § 658.491?
A common citation format is "Florida Statutes § 658.491" (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 § 658.491 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.