Scott J. Kennelly

Scott J. Kennelly

Rogers Towers

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Rogers Towers: Usury in Florida: Using the 365/360 Method to Calculate Interest

Many lending institutions use the 365/360 method of calculating interest on their loans. This method involves applying the ratio of the annual interest over a year of 360 days, multiplied by the outstanding principal balance,...more

8/6/2013 - Interest Rates Lenders Lending Principal Balance Usury

Rogers Towers: Usury in Florida: The Limited Application of the Savings Clause

A usury savings clause is a provision in a loan document that attempts to negate any other provisions therein that might result in the extraction of an illegal interest rate....more

7/30/2013 - Interest Rates Lenders Loans Usury

Rogers Towers: Usury in Florida: Intent is Key

Usury under Florida law is largely a matter of intent. It is not fully determined by the fact that the lender actually received more than law permits but by the existence of a corrupt purpose in the lender’s mind to charge...more

4/11/2013 - Bad Faith Interest Rates Lenders Loan Documentation Loans Usury

Usury in Florida; Generally

Under Florida law, usury is defined as the willful and knowing charge or receipt of interest in excess of 18% per year for credit transactions involving less than $500,000 or between 25% and 45% per year in a credit...more

4/2/2013 - Borrowers Interest Rates Lenders Penalties Usury

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