Usury is most often a crime but can also be a violation. The federal government, along with each state, has its own usury laws, stating the maximum interest rate that can be charged on certain types of loans. If a creditor charges a rate higher than this, they would be breaking the l...
Interest (Archaic) To concern or affect. Usury The act of lending money at an exorbitant rate of interest Interest The price paid for obtaining, or price received for providing, money or goods in a credit transaction, calculated as a fraction of the amount or value of what was borrowed. Ou...
Usuryrefers to the practice or act of lending money at exorbitant rates of interest – sometimes the interest rate is illegally high. The adjective is ‘usurious’ as in: “That company lends money at usurious rates.” The adverb (rarely used) is ‘usuriously’, as in: “The money was l...
The California Constitution sets the maximum rate of interest on a judgment awarded a plaintiff in any court in the state. It gives the legislature the right to set the interest rate as high as 10 percent a year, but sets the default rate – in case the legislature doesn't act – at 7...
Nothing in this Agreement, the Notes, or in any other agreement deemed to pertain to this Agreement or the Notes shall require the Company to pay interest at a rate in excess of the maximum rate permitted by applicable law. Any interest payable hereunder or under any other instrument relating...
c.The maximum altitude that an aircraft can reach under a given set of conditions, such as a minimum rate of climb. 5.NauticalThe planking applied to the interior framework of a ship. [Middle Englishceling, fromcelen,to ceil; seeceil.] ...
Though it didn’t set a maximum interest rate on credit cards, the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Card Act) required more transparency around introductory credit card rates and rate increases. The law also requires issuers to review rate increases every six mo...
In 2023, U.S. Senators Sheldon Whitehouse, Jack Reed, Elizabeth Warren, Bernie Sanders, and Jeff Merkley introduced the Empowering States’ Rights to Protect Consumers Act to restore states’ ability to limit consumer loan interest rates and help address the billions of dollars that consumers hold...
Any prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments in reduction of the principal balance of this Note. Sample 1Sample 2 SaveCopy Severability; Usury. The unenforceability or invalidity of any one or more provisions, clauses, ...