Florida late fee law

Set by formula or published periodically rather than fixed in statute, so it must be looked up for the period in question.

No fixed statutory number. Where interest accrues without a special contract for the rate, § 687.01 adopts the rate provided in § 55.03: the Chief Financial Officer sets the rate quarterly (Dec 1/Mar 1/Jun 1/Sep 1, effective the following quarter) by averaging the Federal Reserve Bank of New York discount rate for the preceding 12 months and adding 400 basis points. Verified on the official Florida Senate statutes site; look up the current quarterly rate on the Florida CFO (myfloridacfo.com) site.

Parties may contract for interest, but contracts for interest above 18% per annum simple are civilly usurious (Fla. Stat. §§ 687.02, 687.03); for loans/advances/lines of credit/forbearances exceeding $500,000, the cap rises to the criminal-usury threshold of 25% (§§ 687.03(1), 687.071 - 25%+ is a second-degree misdemeanor-level offense escalating to felony at 45%). Civil usury forfeits double the interest (§ 687.04). Statutory exceptions for licensed/regulated lenders are preserved (§ 687.032). Trade credit that functions as a forbearance of a debt can fall within these caps - keep agreed B2B late-payment interest at or under 18% absent counsel review.

public+private-construction

Multiple acts: (1) state agencies must pay within 40 days of invoice/approval or owe interest at the § 55.03(1) rate (Fla. Stat. § 215.422); (2) Local Government Prompt Payment Act, Fla. Stat. §§ 218.70-218.80 - local-government construction payments due in 20-25 business days, late amounts bear interest at 1% per month or the contract rate, whichever is greater (§ 218.735); (3) public construction prompt pay, §§ 255.071-255.078; (4) private construction: Construction Contract Prompt Payment Law, Fla. Stat. § 715.12 - late payments bear interest at the § 55.03 rate plus 12% per annum beginning the 14th day after payment is due.

No Florida statute specifically fixing flat late fees on ordinary commercial invoices was found; agreed late fees are generally enforceable subject to the liquidated-damages/penalty doctrine, but percentage-based late charges may be recharacterized as interest and tested against the 18%/25% usury caps of ch. 687.