Chapter 138 — MONEY AND RATES OF INTEREST

138.01 Money. The money of account of this state shall be the dollar, cent and mill; and all accounts in public offices, and other public accounts, and, except as provided in ss. 806.30 to 806.44, all proceedings in courts shall be kept and had in conformity to this regulation. H…

138.02 Contracts not affected. Nothing contained in s. 138.01 shall vitiate or affect any account, charge or entry originally made or any note, bond or other instrument expressed in any other money of account; but, except as provided in ss. 806.30 to 806.44, the same shall be red…

138.03 Judgments, how computed. Except as provided in ss. 806.30 to 806.44, in all judgments or decrees rendered by any court of justice for any debt, damages or costs and in all executions issued thereon the amount shall be computed, as near as may be, in dollars and cents, reje…

138.04 Legal rate. The rate of interest upon the loan or forbearance of any money, goods or things in action shall be $5 upon the $100 for one year and according to that rate for a greater or less sum or for a longer or a shorter time; but parties may contract for the payment and…

138.041 Federal rate parity. (1) In order to prevent discrimination against state-chartered financial institutions with respect to interest rates, state-chartered banks, credit unions and 138.056 138.057 138.058 138.06 138.09 138.10 138.12 138.14 138.16 138.20 Variable rate loans…

138.045 Method of calculating interest. Interest on any note, bond, or other instrument computed on the declining unpaid principal balance from time to time outstanding may be computed and charged on actual unpaid balances at 1/360 of the annual rate for the actual number of days…

138.05 Maximum rate; prepayment, disclosure; corporations. (1) Except as authorized by other statutes, no person shall, directly or indirectly, contract for, take or receive in money, goods or things in action, or in any other way, any greater sum or any greater value, for the lo…

138.051 Residential mortgage loans. (1) In this section: (a) “Contract rate” means the initial rate contracted to be paid on the principal of a loan from time to time. (b) “Loan” means a loan, other than a loan made by a federally chartered or state-chartered savings and loan ass…

138.052 Residential mortgage loans. (1) In this section: (a) “Contract rate” means the rate contracted to be paid from time to time on the principal of a loan. (b) “Loan” means a loan secured by a first lien real estate mortgage on, or an equivalent security interest in, a one-fa…

138.053 Regulation of interest adjustment provisions. (1) REQUIRED CONTRACT PROVISIONS. No contract between a borrower and a lender secured by a first lien real estate mortgage on, or an equivalent security interest in, an owner-occupied residential property containing not more t…

138.055 Variable rate contracts. (1) REQUIRED CONTRACT PROVISIONS. No contract between a borrower and a lender secured by a first lien real estate mortgage on, or an equivalent security interest in, an owner-occupied residential property containing not more than 4 dwelling units …

138.056 Variable rate loans. (1) DEFINITIONS. In this section: (a) “Approved index” means any of the following: 2. The monthly average of weekly auction rates on U.S. treasury bills with a maturity of 3 months or 6 months made available by the federal reserve board. 3. The monthl…

138.057 Penalties. Any lender who intentionally violates s. 138.053, 138.055 or 138.056 is liable to the borrower for all ex- May 22, 2026, are designated by NOTES. (Published 5-22-26) 138.057 MONEY AND RATES OF INTEREST cess interest collected, plus interest thereon at the rate …

138.058 Reverse mortgage loans. (1) DEFINITIONS. In this section: (a) “Qualified lender” means a lender approved by the federal department of housing and urban development to enter into a loan insured by the federal government under 12 USC 1715z-20. (b) “Reverse mortgage loan” me…

138.06 Effect of usury and penalties. (1) All instruments, contracts or securities providing a rate of interest exceeding the rate allowed in s. 138.05, 138.051 or 138.052 shall be valid and effectual to secure the repayment of the principal amount loaned in excess of $2,000; but…

138.09 Licensed lenders. (1c) (a) This section does not apply to any of the following: 1. Banks, savings banks, savings and loan associations, trust companies, credit unions, or any of their affiliates. 2. Payday loans made under s. 138.14. 3. An individual or entity who, in conn…

138.10 Pawnbrokers. (1) DEFINITIONS. In this section: (a) “Pawnbroker” includes any person who engages in the business of lending money on the deposit or pledge of personal property, other than choses in action, securities, or written evidences of indebtedness; or purchases perso…

138.12 Insurance premium finance companies. (1) DEFINITIONS. For purposes of this section: (a) “Division” means the division of banking. (b) “Insurance premium finance company” means a person engaged in the business of entering into insurance premium finance agreements. (c) “Lice…

138.14 Payday loans. (1) DEFINITIONS. In this section: (a) “Affiliate” means, with respect to a person, another person who owns or controls, is owned or controlled by, or is under common ownership or control with, such person. In this paragraph “control” means any of the followin…

138.16 Title loans. (1) DEFINITIONS. In this section: (a) “Division” means the division of banking attached to the department of financial institutions. (b) “Licensed lender” means a person licensed under s. 138.09. (bm) “Licensed location” means the location specified in a licen…

138.20 Discrimination in granting credit or loans prohibited. (1) RULE. No financial organization, as defined under ss. 71.04 (8) (a) and 71.25 (10) (a), or any other credit granting commercial institution may discriminate in the granting or extension of any form of loan or credi…