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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.
Cite this article: FindLaw.com - Florida Statutes Title XXXIII. Regulation of Trade, Commerce, Investments, and Solicitations § 516.035. Rate of interest upon default - last updated January 01, 2019 | https://codes.findlaw.com/fl/title-xxxiii-regulation-of-trade-commerce-investments-and-solicitations/fl-st-sect-516-035.html
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