0
Limits the amount of interest a lender can charge to the borrower. In Illinois the rate is 9%. However, there are so many exceptions to usury, that the only conceivable scenario is borrowing money to purchase groceries. In Illinois, if a usurious loan is extended to a borrower, the borrower may seek damages in the amount equal to twice the interest paid on the loan.
Exceptions to usury are R/E loans, business loans, loans to corporations, and many others. Read the statute to be sure.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
Are usury law a price ceiling or a price floor?
Usury law put a ceiling on interest rate
What has the author Mark Ord written?
Mark Ord has written: 'An essay on the law of usury' -- subject(s): Usury laws
What has the author Joseph Bridges Matthews written?
Joseph Bridges Matthews has written: 'The law of money-lending, past and present' -- subject(s): Usury, Usury laws
What do usury laws lead to?
Usury laws lead to capping the interest rates that are charged by financial institutions. These law are aimed at regulating the high interests charged on credit facilities.
What is the usury law?
Christopher Peterson, a native Utahn who is a University of Florida law professor and an expert on the high-credit industry, says states always imposed usury caps until recent decades - and Utah abolished its usury cap only in the early 1980s.
What has the author Kevin W Brown written?
Kevin W. Brown has written: 'Usury and consumer credit regulation' -- subject(s): Consumer credit, Law and legislation, States, Usury laws
What is the supreme law of Illinois?
The supreme law of Illinois is the US Constitution followed by the Illinois state constitution.
When was Illinois College of Law created?
Illinois College of Law was created in 1897.
FMLA in conjuction with STD Illinois law?
FMLA is federal law and overrules Illinois standard law.
What has the author Benjamin Johnson Darneille written?
Benjamin Johnson Darneille has written: 'Abstract of argument on the law of usury'
Who in the state of Illinois signs the bill into a law?
The Governor of the State of Illinois signs bills that the Illinois State Legislature passes into law.
What is the Louisiana Usury Rate?
The current usury rate for the state of Louisiana is 12 percent, in September of 2014. The law in Louisiana states that the lending rate for personal loans cannot be more than 1 percentage point over the prime lending rate. It also states that the usury rate cannot fall below 7 percent.
