Usury definition
Usury means loaning money at an exorbitant or illegally high interest rate. States set their own maximum interest rates. Florida declares interest higher than 18 percent per year for loans up to $500,000 and higher than 25 percent for loans over
Usury means interest that exceeds the applicable maximum amount allowed by law.
Usury or "usurious interest" means interest that exceeds the applicable maximum amount allowed by law.
Examples of Usury in a sentence
Each State’s Usury Rate varies therefore it’s important to know the rate before charging the borrower an interest rate.
In this example, our loan originates in the State of New York, which has a maximum Usury Rate of 16% which we will use.
Step 3 – Interest The interest charged on a loan is regulated by the State in which it originates and it’s governed by the State’s Usury Rate Laws.
It is the intent of the parties hereto to comply with the Applicable Usury Law.
As used herein, “Maximum Amount” shall mean the maximum amount of interest which would have accrued if the unpaid principal amount of the Obligation outstanding from time to time had borne interest each day at the maximum amount of interest which lender is permitted to charge on the Obligation under the Usury Laws.
More Definitions of Usury
Usury means an offence of being involved in administering any illegal money lending activity on employer’s business or premises; “wasteful use or misuse of company property” means carelessly using company property or using company property for purposes other than for which it was intended; “wilful disobedience to a lawful order/instruction” means a deliberate refusal to obey a lawful instruction or order or and intentional defiance of an order given by the superior; “▇▇▇▇▇▇ and unlawful loss/damage of the company’s property” means an act whereby an employee deliberately or wilfully loses or damages employer or company’s property The time periods for validity of offences are as follows— Verbal warning—one month First written warning—three months Final written warning—twelve months These offences are classified under one of the following eight categories—
Usury means the charging of interest by a lender in an amount which is greater than that allowed by this subtitle.
Usury. The fees and interest charged by Bank in connection with the Loans do not violate any usury or other similar laws of the State of South Carolina or the laws of the United States;
Usury. The Loan and the Interest Rate and the Contingent Returns do not violate laws applicable to civil or criminal usury.
Usury. All agreements in the Reimbursement Agreement and all other Security Documents are expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the Indebtedness or otherwise, shall the amount agreed to be paid hereunder for the use, forbearance or detention of money exceed the highest lawful rate permitted under applicable usury laws. If, from any circumstances whatsoever, fulfillment of any provision of the Reimbursement Agreement, this Deed of Trust or any other of the Security Documents at the time performance of such provision shall be due, shall involve exceeding any usury limit prescribed by law which a court of competent jurisdiction may deem applicable hereto, then, ipso facto, the obligations to be fulfilled shall be reduced to allow compliance with such limit, and if, from any circumstance whatsoever, Beneficiary shall ever receive as interest an amount which would exceed the highest lawful rate, the receipt of such excess shall be deemed a mistake and shall be canceled automatically or, if theretofore paid, such excess shall be credited against the principal amount of the Indebtedness to which the same may lawfully be credited, and any portion of such excess not capable of being so credited shall be refunded immediately to Grantor. Grantor hereby affirms that the Indebtedness was obtained, and the proceeds thereof have been and shall be used, solely for business purposes.
Usury means the collection of excessively high interest rates. This may happen when legal restrictions prevent the poor from obtaining credit from normal channels and instead have to borrow from loan sharks. In a pure market economy, there are no restrictions and thus usury does not exist. Interest paid for loans then reflect real risks as well as the natural interest rate and operating costs. Too-lenient laws on bankruptcy and fraud raise interest rates to borrowers, since they increase operating costs for bad loans not repaid. A pure market economy thus requires that fraud is severely prosecuted and that debts cannot be eliminated except by voluntary agreement.
Usury means loaning money at an exorbitant or illegally high interest rate. States set their own maximum interest rates. Florida declares interest higher than 18 percent per year for loans up to $500,000 and higher than 25 percent for loans over $500,000 usurious unless otherwise allowed by law. Legal Information Institute, Usury, https://www.law.cornell.edu/wex/usury (last visited Jan. 22, 2020); Ss. 687.02(1) and 687.071(2) and (3), F.S.