Florida Court System Obtains $45.6 Million Emergency Loan
Posted Oct 12, 2011 2:44 PM CDT
By Stephanie Francis Ward
The Florida court system today received a $45.6 million emergency loan from the state, with Gov. Rick Scott asking that it be repaid by mid-2012.
Florida courts are funded primarily through filing fees, the Associated Press reports, and the court has relied heavily on foreclosure fees, which are higher than those in other cases. But Lenders are holding back on those filings, largely because of paperwork problems with the loans, and revenue has failed to meet expectations.
According to the AP, the court faces a $159 million shortfall. Charles Canady, chief justice of the Florida Supreme Court, plans to ask the state legislature for additional funds to repay the loan, and cover expenses. This is the second time this year the court system has borrowed money from the state.