Appendix C. Table Of Interest Laws
Description
This section is from the book "American Commercial Law Series ", by Alfred W. Bays. Also available from Amazon: American commercial law series.
Appendix C. Table Of Interest Laws
Table Showing What Interest May Be Charged in the Different States and the Effect of Charging Usury.
State | Interest Chargeable By Contract | Penalty for Usury |
Alabama ............. | 8% | Forfeiture of all Interest. |
Alaska ................. | 10% | |
Arizona .................. | No limit | None. |
Arkansas .............. | 10% | Forfeiture of debt. |
California .............. | No limit | None. |
Colorado ............... | No limit | None. |
Connecticut ............ | 15% | Forfeiture of debt and interest. |
Delaware .............. | 6% | Forfeiture of debt and interest. |
District of Columbia.. | 10% | Forfeiture of all interest. |
Florida .................. | 10% | Forfeiture of all interest. |
Georgia .............. | 8% | Forfeiture of excess interest. |
Idaho ................. | 12% | Forfeiture of interest and 10% annually of principal. |
Illinois ................. | 7% | Forfeiture of all interest. |
Indiana ............... | 8% | Forfeiture of all interest over 6%. |
Iowa .................... | 8% | Forfeiture of all interest, 8% of principal and costs of suit. |
Kansas .................... | 10% | Forfeiture of double the usury. |
Kentucky ................. | 8% | Forfeiture of excess interest. |
State | Interest Chargeable By Contract | Penalty for Usury |
Louisiana......................... | 8% | Forfeiture of all interest. |
Maine......................... | No limit | None except for loans less than $200 secured by chattel mortgage. |
Maryland......................... | 6% | Forfeiture of all interest. |
Massachusetts................... | No limit | On less than $1,000 only 18% recoverable. |
Michigan......................... | 7% | Forfeiture of all interest. |
Minnesota......................... | 10% | Forfeiture of debt and interest. |
Mississippi......................... | 10% | Forfeiture of all interest. |
Missouri......................... | 8% | Forfeiture of excess interest. |
Montana......................... | No limit | None. |
Nebraska......................... | 10% | Forfeiture of all interest. |
Nevada | No limit | None. |
New Hampshire................. | 6% | Forfeiture 3 times excess interest. |
New Jersey......................... | 6% | Forfeiture of all interest. |
New Mexico....................... | 12% | Forfeiture double the usury. |
New York......................... | 6% | Forfeiture of debt and interest. |
North Carolina................. | 6% | Forfeiture of all interest. |
North Dakota.................... | 12% | Forfeiture of all interest. |
Ohio......................... | 8% | Forfeiture of excess over 6%. |
State | Interest Chargeable By Contract | Penalty of Usury |
Oklahoma......................... | 10% | Forfeiture of all interest- |
Oregon......................... | 10% | Forfeiture of debt and interest. |
Pennsylvania..................... | 6% | Forfeiture of excess interest. |
Rhode Island..................... | No limit | None. |
South Carolina................... | 8% | Forfeiture of all interest. |
South Dakota..................... | 12% | Forfeiture of all interest. |
Tennessee......................... | 6% | Forfeiture of excess interest. |
Texas......................... | 10% | Forfeiture of all interest. |
Utah......................... | 12% | Forfeiture of debt and interest. |
Vermont......................... | 6% | Forfeiture of excess interest. |
Virginia........................ | 6% | Forfeiture of all interest. |
Washington..................... | 12% | Forfeiture of all interest. |
West Virginia..................... | 6% | Forfeiture of excess interest. |
Wisconsin.................... | 10% | Forfeiture of all interest. |
Wyoming.................... | 12% | Forfeiture of all interest. |
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