Final answer:
Florida's maximum interest rate for fixed rate policy loans is governed by usury laws, which set limits to prevent excessively high-interest rates. The specific rate is not provided, but it's usually well above typical market rates and acts as a nonbinding price ceiling.
Step-by-step explanation:
In Florida, usury laws dictate the maximum interest rates that can be charged on loans. The maximum percentage rate that may be charged on a fixed rate policy loan is not explicitly stated in the provided text, which means we must look at Florida-specific legislation. Generally, many states set usury limits well above the market interest rate to prevent lenders from charging excessively high-interest rates. For context, some states might have laws limiting interest rates to no more than 30% or 35%, which would be considered a nonbinding price ceiling if market forces typically dictate lower rates. The impact of such a law on the amount of loans made and interest rates paid would depend on prevailing market conditions. If market rates are generally lower than the usury limit, the law may not have a significant impact unless market rates rise dramatically.