Each payment shall be applied first to the accumulated interest charges and the remainder of the payment applied to the unpaid principal balance; provided that if the amount of the payment is insufficient to pay the accumulated interest charge, the unpaid accrued interest charge may continue to accumulate and the same may be paid from the proceeds of subsequent payments and shall not be added to the principal balance. No payment shall be accepted on the principal balance unless interest is paid to date or is waived by license, except such payment may be credited to the principal where the amount thereof is not sufficient to pay the interest due for one day.
Rulemaking Authority Florida Statutes § 516.22(1), 516.23(3) FS. Law Implemented 516.031(1) FS. History-New 10-20-73, Formerly 3-2.17, 3D-160.17, Amended 9-1-75, Formerly 3D-160.17, 3D-160.017.