See Phillips v. Parrish, 585 So. 2d 1038 (Fla. 1st DCA 1991). The amount awarded for prejudgment interest, like all other components of the ‘judgment’, automatically bears interest as provided by section 55.03, Florida Statutes.” Peavy, 605 So. 2d at 1332; SeealsoQuality Engineered Installation, Inc. v. Higley South, Inc., 670 So. 2d 929, 931 (Fla. 1996) (approving Peavy v. Dyer, 605 So. 2d 1330 (Fla. 5th DCA 1992)).Contractually agreeing to prejudgment interestPursuant to Florida law, a business may charge interest on an outstanding debt as long as the interest charged is not greater than 18% per annum simple interest (i.e., 1.5% per month).

The interest rate was intended to provide a uniform interest rate when a written contract did not provide for one. The original language of Fla. Stat. § 55.03 was simple:A judgment or decree entered on or after October 1, 1981, shall bear interest at the rate of 12 percent a year unless the judgment or decree is rendered on a written contract or obligation providing for interest at a lesser rate, in which case the judgment or decree bears interest at the rate specified in such written contract or obligation.It is clear from the language of the statute that when a written contract did provide for an interest rate, the rate in the contract was controlling unless it was higher than 12%. It appears the legislature was attempting to control interest rates in Florida by setting a ceiling for judgment interest rates.

4265 was enacted, 12 percent was the Florida statutory interest rate. Fla. Stat. 55.03 (1981) set forth: A judgment or decree entered on or after October 1, 1981, shall bear interest at the rate of 12 percent a year unless the judgment or decree is rendered on a written contract or obligation providing for interest at a lesser rate, in which case the judgment or decree bears interest at the rate specified in such written contract or obligation.Id. See also Haskell v. Forest Land & Timber Co., 426 So. 2d 1251, 1253 (Fla. 1st DCA 1983) (Recognizing that the statutory interest rate at the time was 12 percent).

DCA decision: 163 So. 3d 1240 (Fla. 5th DCA May 15, 2015). Status: decision pending; briefing complete (Feb. 10, 2016); no oral argument.For further treatment of this case, please click here.Post-judgment – Interest Rate. Certified Question: Does the language of section 55.03(3), Florida Statutes (1998), provide that the legislature intended to abandon the common law rule that post-judgment interest rates change on existing judgments when the legislature changes the rates such that the 2011 amendments to section 55.03, Florida Statutes do not apply to a judgment entered prior to July 1, 2011? R.J. Reynolds Tobacco Co. v. Townsend, No. SC15-722 (review granted May 12, 2015). DCA decision: 160 So. 3d 570 (Fla. 1st DCA Apr. 9, 2015).

information concerning a claim.The bill requires insurers to send a copy of any detailed estimate of the amount of a loss to the policyholder within seven days of completion of the estimate by the insurer’s adjuster. Prior law only required such estimates to be sent to policyholders upon their request. The bill eliminates the requirement for a request, and simply directs insurers to share the estimates automatically.Lastly, the bill reduces the time for a property insurer to pay or deny a claim or portion of a claim from within 90 days of receipt of notice of the claim to 60 days, unless the failure is caused by factors beyond the control of the insurer. Similarly, undisputed amounts of partial or full benefits owed under first-party property insurance policies must now be paid within 60 days, unless payment is prevented by factors beyond the control of the insurer. Claims or portions thereof paid 60 days or more after receipt of notice are subject to interest at the rate set forth in Section 55.03 of the Florida Statutes, with such interest beginning to accrue as of the date of notice of the claim. The bill defines “factors beyond the control of the insurer” to include certain events, such as a state of emergency, security breach, or “information technology issue,” if they are recognized as such by an order issued by the OIR. In addition, actions by policyholders and their representatives that constitute fraud, lack of cooperation, or intentional misrepresentation regarding a claim may qualify as a factor beyond the insurer’s control.The bill tolls all of the above-described time periods upon the failure of the policyholder or policyholder representative to provide material claims information requested by the insurer within 10 days after the request was received. The tolling period ends upon the insurer’s receipt of the requested information. In addition, such tolling applies only to requests sent by the insurer at least 15 days before the insurer is required to pay or deny the claim or a portion of t

da Statute § 255.071(1), which provides for payment of undisputed amounts to subcontractors, sub-subcontractors, materialmen and suppliers on construction contracts for public projects, provides that any person, firm or contractor who knowingly and intentionally fails to make required payments commits misappropriation of construction funds, a felony under Fla. Stat. § 713.345;The amendment to Florida Statute § 489.129(r), which governs licensure for Florida contractors, provides that anyone who commits misapplication of construction funds in violation of Fla. Stat. § 713.345 shall have his or her license suspended for a minimum of one year from the conviction date. License suspension is not an exclusive remedy, meaning the licensing board also has the discretion to impose additional penalties.The amendment to Florida Statute § 715.12, the Construction Contract Prompt Payment Law, provides for interest to be charged on all late payments for construction services at the rate provided in Fla. Stat. § 55.03, plus an additional 12 percent annually, beginning on the 14th day after payment is due.

However, what is likely, at a minimum, is that PJI will apply to all economic damages. In accordance with Florida Statute §55.03, the State’s Chief Financial Officer sets prejudgment interest rates. In 2017, the rate is 5.05 per annum.

t al.,No. 1D15-2100 (Fla. 1stDCA June 15, 2016) (reversed and remanded)Foreclosure/Notice of Default:applying substantial compliance standard held in Green Tree Servicing, LLC v. Milam, 177 So. 3d 7, 13 (Fla 2d DCA 2015), court reasoned that comparison of text of notice letter to requirements of paragraph 22 will often be all that is necessary to enable court to determine whether lender substantially complied with its requirements - Federal National Mortgage Association v. Morton et al., No. 2D14-5165 (Fla. 2dDCA June 15, 2016) (reversed and remanded)Foreclosure/Standing:plaintiff failed to establish standing at time foreclosure filed where original note never filed with court and no other evidence of possession presented to court - Cruz v. JPMorgan Chase Bank, National Association, as Successor in Interest to Washington Mutual Bank, formerly known as Washington Mutual Bank, F.A., No. 4D14-3799 (Fla. 4thDCA June 15, 2016) (reversed and remanded)Post-Judgment Interest:2011 amendment to section 55.03, Fla. Stat., which changed judgment interest rate from a fixed rate established on date of judgment to a variable rate that adjusts January of each year, does not apply to judgments entered prior to effective date of amendment - Townsend v. R.J. Reynolds Tobacco Co., Case No. SC15-722 (Fla. June 9, 2016) (reversed and remanded).Deficiency Judgment: if creditor requests a deficiency judgment in a foreclosure action and court reserves jurisdiction to grant or deny a deficiency, creditor is bared from filing separate action at law to recover on promissory note -Higgins v. Dyck-O’Neal, Inc., Case No. 1D15-4784 (Fla. 1st DCA June 9, 2016) (reversed).