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Florida Department of Financial Services

STATUTORY INTEREST RATES

PURSUANT TO SECTION 55.03, FLORIDA STATUTES

 

Chapter 2011-169, Laws of Florida, amended Section 55.03(1), Florida Statutes, to require the Chief Financial Officer to set the rate of interest that shall be payable on judgments and decrees on December 1, March 1, June 1, and September 1 of each year for the following applicable quarter. Sections 215.422(3)(b), 337.141(3) and 687.01, Florida Statutes, requires the use of interest at the rate established in Section 55.03(1), Florida Statutes, for the payment of interest applicable to the late payments to vendors for goods and services purchased by the State; for late payments on applicable construction or maintenance contracts administered by the Department of Transportation; and for cases where a rate of interest is not specified in a contract. The interest rate for payments to health care providers pursuant to Section 215.3422(13), Florida Statutes, remains at 1% per month or .0003333 per day.


Interest Rates Established Quarterly under Chapter 2011-169, Laws of Florida:


Effective Date
Rate Per
Annum
Daily Rate
as a Percentage
Daily Rate
as a Decimal
January 1, 2012 4.75% .0129781%(¹) .000129781(¹)
April 1, 2012 4.75% .0129781%(¹) .000129781(¹)
July 1, 2012 4.75% .0129781%(¹) .000129781(¹)
October 1, 2012 4.75% .0129781%(¹) .000129781(¹)
January 1, 2013 4.75% .0130137% .000130137
April 1, 2013 4.75% .0130137% .000130137

(¹) Note: The daily rate for quarters beginning in 2012, considers that 2012 is a leap year, and is calculated by dividing the annual rate by 366 days.

Interest Rates Prior to Chapter 2011-169, Laws of Florida:



Year
Rate Per
Annum
Daily Rate
as a Percentage
Daily Rate
as a Decimal
2012 4.75 .0129781% .000129781
10/1/11 4.75 .0130137% .000130137
1/1/2011-9/30/11(²) 6% .01644% .0001644
2010 6% .01644% .0001644
2009 8% .02192% .0002192
2008 11% .03014% .0003014
2007 11% .03014% .0003014
2006 9% .02466% .0002466
2005 7% .01918% .0001918
2004 7% .01918% .0001918
2003 6% .01644% .0001644
2002 9% .02466% .0002466
2001 11% .03014% .0003014
2000 10% .02740% .0002740
1999 10% .02740% .0002740
1998 10% .02740% .0002740
1997 10% .02740% .0002740
1996 10% .02740% .0002740
1996 10% .02740% .0002740
1995 8% .02192% .0002192
10/1/81-12/31/94 12% .03333% .0003333

(²) Note: The January 1, 2011 interest rate was established prior to the law change under Chapter 2011-169, Laws of Florida.  After July 1, 2011, interest rates will be established quarterly by the CFO.

Please call the Vendor Ombudsman Section within the Bureau of Vendor Relations at (850) 413-5516 if additional information is needed.