Kenosha telegraph. [volume] (Kenosha, Wis.) 1850-1854, 1851-03-28
An Act to limit the rate of Interest.


An Act TO limit the rate of Interest.
The People Of the State Of Wisconsin, represent
ed in Senate and Assembly, do enact as fol-
l0mS:
Section l. The rate Of interest upon the
loan or forbearance of any money, goods or
things in action shall be seven dollars upon one
hundred dollars for one year. and after that rate
for greater or less sum, or for longer or short
err time Prorided, That it shall be competent
for parties to contract for the payment and re-
ceipt of rate of interest not exceeding twelve
dollars on the one hundred dollars as Aforesaid,
in which case such rate (exceeding seven dollars
on the one hundred dollars) shall be clearly ex-
pressed by agreement in writing.
Sec. 3 No person or corporation shall d.
rectly, or Indirectly, take or receive in money,
goods or other things in action, or in any other
way, any greater sum or greater value, for the
loan or forbearance of any money, goods or
things in action than is above prescribed.
Sec. 3 Every person who for any such loan
or forbearance, shall pay or deliver any greater
sum or value than is above allowed TO be recei-
we'd, and his personal representative, may recov-
er in an action against the person who shall have
taken or received the same, and his personal rep
sentatves, treble the amount of the money SO
paid or value delivered, above the rate aforesaid,
if such action shall be brought within one year
after such payment or delivery.
Sec T. All bonds, bills, notes, assurances,
conveyances; all other contracts or securities,
whatsoever, Except bottomry and respondentia
bonds and contracts,) and all deposits of goods
or other things whatsoever whereupon or where
by here shall be reserved or taken, or secured
or agreed TO be reserved or TAKEN any greater
sum or value, for the loan or forbearance of any
money. goods or other things IN action, than is
above prescribed, shall be void, but this act shall
not effect contracts made previous to the time
this act shall take effect.
Sec. 5. Every person offending against the
provisions of this act shall be compelled to an
swer on oath any bill that may be exhibited
against him in the court of chancery III the prop
er county, for the discovery of any sum of money
goods or things in action so taken, accepted or
received in violation OF the foregoing provisions,
or either of them.
Sec. 6. Whenever any borrower of any
money. goods or things in action, shall file bill
IN chancery for discovery OF the money, goods
or things in action, taken or received In violation
OF either of the foregoing provlso ns,lt shall not
be necessary for him to pay or offer to pay any
interest whatever on the sum on thing loaned !;
nor shall any court of equity require or compel
the payment or deposit of the principal sum, or
any part thereof, as condition of granting relief
to the borrower, in any case Of a usurious loan
forbidden by this act
Sec. 7. Whenever in an action a, law or suit
in equity, the defendent shall plead the defence
of usury, and shall verify the truth of his plea
BY affidavit, he may, for the purpose OF proving
the usury, call and examine the plaintiff or com
plaintans as witness in the same manner as par
ties BY law can now be made witnesses, and if
the plaintiff or complainant shall fail TO present
himself as a witness, on due notice to him or his
attorney, or give his deposition, the defendant
shall be competent witness to prove the usu-
~.
Sec. s. Whenever it shall satisfactorily ap-
pear 10 court that any bond bill, note, assurance
pledge. conveyance, contract, security, or any
evidence Of debt has been taken or received in
violation Of the provisions of this act, the court
shall declare the same to be void, and enJoin any
prosecution thereon. and order the same to be
delivered up and cancelled.
FRIEDRICH w. HORN,
Speaker ofthe Assembly.
DUNCAN c. REED,
Pres pro ten of the Senate.
Approved March, 10Th 1851
NELSON DEWEY.