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Notice of usurious interest rate and intention to seek relief
Dear _________________________:
This is to advise you that pursuant to the laws of _______________________, the promissory note which was executed on __________________________, in the original principal amount of $______(____________________ & ______/100 dollars) violates the usury laws and that legal action will be taken to avoid the usury and to obtain the following relief:
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Dated: _________________________________________
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_________________________ By Executor of Promissory or Other Note of Obligation
Usury NoticeReview List
This review list is provided to inform you about this document in question and assist you in its preparation. Usury rates are dictated by state law so the actual rates vary. If you have signed such an obligation, whether as a Note or payment agreement underlying another purchase, such as a piece of furniture or equipment, this Notice is your first step in getting relief. Most parties involved in high interest loans are acutely aware of usury issues and will, if wrong, generally back off immediately. If not, the courts look very unfavorably upon usury lenders or sellers who use usury rates to finance those sales.
1. Make multiple copies. Mail and fax to the lender. Keep a copy for your own records.
The Bible condems usury - the payment of interest on loans.
Usury laws are laws that limit necssive on interest rates
John A. Bolles has written: '\\' -- subject(s): Accessible book, Dorr Rebellion, 1842, Politics and government 'A treatise on usury and usury laws' -- subject(s): Usury, Usury laws
Nevada has no usury limit (except with respect to pawn brokers)
Allison Thompson Folsom has written: 'A summary of usury laws and decisions / by A. T. Folsom' -- subject(s): Usury, Usury laws
Usury law put a ceiling on interest rate
Usury (riba in Arabic) is condemned and prohibited in the strongest terms in Quran. It is explicitly forbidden in Quran. Quran says (meaning translation): " Those who usury will not stand except as stands one whom the Satan by his touch has driven to madness. That is because they say trade is like usury, but God (ALLAH) has permitted trade and forbidden usury.... God (ALLAH) will deprive Usury of all blessing but will give increase for deeds of charity...".So, Muslims do not do Usury (Riba):first as obedience to God commands, andsecond because by usury you exploit the need of others to money and instead of helping them by charity or giving loan at no profit you gain more money out of them.
There is still usury in some villages. It means lending money at high interest rates.
In Florida, the general usury limit is 18%. On loans above $ 500,000 the maximum rate is 25%
Mark Ord has written: 'An essay on the law of usury' -- subject(s): Usury laws
21%
Bernard W. Dempsey has written: 'Interest and usury' -- subject(s): Usury, Interest