Usury Act definition
Examples of Usury Act in a sentence
All arrear or outstanding payments due in terms of this agreement and which are not paid on due date shall bear interest at the maximum rate allowed in terms of the Usury Act such interest to be calculated from due date until date of actual payment and shall be considered as a penalty interest to accrue to the levy fund.
Any late payment by VAR to ESRO which is not excused under a specific provision of this Agreement shall in addition to other relief be subject to any costs of collection (including reasonable attorneys' fees) and shall bear interest at the rate of one and one-half (1.5) percent per month, or at the maximum permissible rate stipulated by the Usury Act or any other applicable enactment from time to time, until paid.
The lawsuit alleges, among other things, that our CSO activities in Ohio violate various laws in Ohio, including the Short-Term Loan Act, the Consumer Sales Practices Act and the General Usury Act.
For the purposes of calculating the interest, the provisions of section 2(2) of the Usury Act, 1968, shall mutatis mutandis apply.
The Usury Act stipulates, among other things, the maximum finance charges (including interest) that may be levied on money lending and credit transaction.
The South African Minister of Trade and Industry has granted an exemption in terms of which micro-lenders who are registered with the Micro Finance Regulatory Council (“the Council”) are exempt from most of the provisions of the Usury Act (including those stipulating the maximum rate of interest chargeable) in respect of certain money lending transactions which do not exceed R10,000.
Insofar as it may be relevant to this transaction, the parties have taken cognizance of the Usury Act No, 73 of 1968 and record that all loan details contained on the Schedule hereto were completed prior to signature of this Agreement to the extent that such details were known and determinable at the time of signature.
SIGNED-ILLEGIBLE SCHEDULE LOAN DETAILS (disclosed in terms of the Usury Act No, 73 of 1968 insofar as the details are known and determinable at the time of signature of the Loan Agreement).
The ▇▇▇▇▇ Group’s credit arrangements are generally governed by the South African Credit Agreements Act, 75 of 1980 (as amended) (“the Credit Agreements Act”) and the South African Usury Act, 73 of 1968 (as amended) (“the Usury Act”).
The Consumer Credit ▇▇▇▇ proposes to repeal the Credit Agreements Act and the Usury Act and to replace both with a single Consumer Credit Act (“the Proposed Consumer Credit Act”).