(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.
History.—ss. 1, 2, ch. 90-41; s. 1, ch. 91-307; s. 1, ch. 92-303.
Structure Florida Statutes
Title XXXVIII - Banks and Banking
Chapter 658 - Banks and Trust Companies
658.16 - Creation of Banking or Trust Corporation.
658.165 - Banker’s Banks; Formation; Applicability of Financial Institutions Codes; Exceptions.
658.19 - Application for Authority to Organize a Bank or Trust Company.
658.20 - Investigation by Office.
658.21 - Approval of Application; Findings Required.
658.22 - Coordination With Federal Agencies.
658.235 - Subscriptions for Stock; Approval of Major Shareholders.
658.24 - Organizational Procedures.
658.25 - Opening for Business.
658.26 - Places of Transacting Business; Branches; Facilities.
658.27 - Control of Bank or Trust Company; Definitions and Related Provisions.
658.28 - Acquisition of Control of a Bank or Trust Company.
658.285 - Acquisition or Ownership of State Banks by International Banking Corporations.
658.2953 - Interstate Branching.
658.30 - Application of the Florida Business Corporation Act.
658.33 - Directors, Number, Qualifications; Officers.
658.34 - Shares of Capital Stock.
658.35 - Share Options; Warrants.
658.37 - Dividends and Surplus.
658.39 - Stockholders; Examination of Records.
658.40 - Definitions for Merger and Consolidation.
658.41 - Merger; Resulting State or National Bank.
658.42 - Plan of Merger and Merger Agreement.
658.43 - Approval by Office; Valuation of Assets; Emergency Action.
658.44 - Approval by Stockholders; Rights of Dissenters; Preemptive Rights.
658.45 - Certificate of Merger and Effective Date; Effect on Charters and Powers.
658.491 - Commercial Loans by Financial Institutions.
658.51 - Banks Authorized to Make Commodity Loans.
658.53 - Borrowing; Limits of Indebtedness.
658.60 - Depositories of Public Moneys and Pledge of Assets.
658.67 - Investment Powers and Limitations.
658.73 - Fees and Assessments.
658.79 - Taking Possession of Insolvent State Banks or Trust Companies.
658.80 - Appointment of Receiver or Liquidator.
658.81 - Office Action; Notice and Court Confirmation.
658.82 - Receiver; Powers and Duties.
658.83 - Liquidator; Powers and Duties.
658.84 - Transfers by Banks and Other Acts in Contemplation of Insolvency.
658.90 - Receivers or Liquidators Under Supervision of Office.
658.94 - Prima Facie Evidence.
658.95 - Voluntary Liquidation.