Recent Examples of usury from the Web
In states where usury laws cap interest rates, the company lowers its highest rate - 36 percent - to comply.
More than 12 states, including Pennsylvania, effectively prohibit traditional payday loans through criminal usury laws and statutes that cap annual interest rates, yet the industry remains robust.
America’s top marginal tax rate stayed at ninety-one per cent until 1964, and anti-usury laws kept a ceiling on interest rates until the late seventies.
The industry argues that the advances are technically not loans — the money is paid back only if the plaintiff wins a settlement or a jury award — and are therefore exempt from state usury laws.
The four companies are affiliated with the Habematolel Pomo tribe, which has argued that it is not governed by state laws and should not have to comply with state usury rules.
The weakest members of society should be helped to defend themselves against usury, just as poor peoples should be helped to derive real benefit from micro-credit, in order to discourage the exploitation that is possible in these two areas.
The federal legislation being considered includes a provision saying state usury laws wouldn’t apply to ISAs, since the agreements technically don’t charge interest.
The 12% annual interest rate may sound excessive, but it is actually allowed as an exception to the normal maximum rate of interest permitted in most transactions in California under the state’s usury laws.
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USURY Defined for English Language Learners
Definition of usury for English Language Learners
: the practice of lending money and requiring the borrower to pay a high amount of interest
legal Definition of usury
Origin and Etymology of usury
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