The miners' express. (Dubuque, Iowa) 1849-1854, 1853-02-09
II N tAN
To regu'ate the fEterest on .N0aeg.

Sec. l Be it enacted by the General Assem-
bly, Of the State ct Iowa. That the rate Of in
terest shall be six cents on the hundred, by the
year, on money due by express contract, nules5
different rate be expressed IN writing; on all
money, after the same becomes due, when there
is no contract fixing the rate Of interest; on iadg-
men;s and dccress for the payment CT money,
when no other rate is expressed; ON money lent,
w ithout contract fixing the rate of interest:
and on money received for the use Of another,
and retained beyond reasonable tme, without
the owners consent, express implied; on
money due the settlement OF natural accounts,
from the day when The balance is asceftaineC.;
on money due upon open account, after six
months from the date Of the last item; and on
all money due, or to become due, when there Is
contract to pay interest, and no rate stipulated.
Sec. 2. Parties may argree, in writing. for the
payment Of interest not exceeding ten cents on
the hundred, by the year.
Sec 8 Interest shall be allowed on all monies
due on judgments and DEGREES fany competent
curt or trlbunal at the rate OF six per cent, per
annum, unless different rate is fixed by the
contract which the Judgment or decree is
rendered; in which case the Judgment decree
shall draw interest at the rate expressed in the
contract, but no judgment or decree shall draw
more than ten per centum, per annum, which
decree.
Sec. 4 No person shall, directly or indirectly,
receive in money, goods or things in action,
in any other manner, any greater sum or value,
for the loan of money, or upon contract Il unded
upon any bargain, sale or loan of wal res, n.er-
goods, chattles, lands and tenemcats,
than is in this act prescribed.
Sec s. If it shall be asccrtained in any suit
brought, on any contract, that rate of inter
est has been contracted for, greater than is au-
thorIZed by this act, either directly or indirectly,
in money, property, or other valuable thing, the
same shall work forfeiture Of ten centum, per
ir.num, upon the amount O. such per contract, +
the school frnd of the county in which the suit
IS brought, ana the plaintiff shall have judgment
or the principal sum, without 'c!ther interest or
costs. The court in which said suit is prosecu-
ed shall render Judgment for the amount Of
interest forfeited aforesaid, against defendant
II favor Of the State Of Iowa, for the Use of the
school fund of said county, whether s5ia suit is
contested or not, and in all cases when the un
awful interest is not apparent on the contract,
,r writing, the person contracting to pay the
unlawful interest shall be competent witness
md prove that the contract is usurious and in
no case where unlawful interes. is contracted
or, shall the plaintiff have judgment for more
han the principal sum, whether the unlawful
interest be incorporated with the principal or
not
Sec. g. Nothing in this act shall be construed
so as tn prevent the proper boma fde assignee
If any usurious contract recovering against the
lsuror the full amount Of the consideration paid
by him, for such contract, less the amount of
he principal money, hut the may be
ecovered of such usurer, in the proper action,
before any court having competent jurisdiction
Sec Z So much of chapter 81, title l3, of
he code, as may conflict with the provisions o
his act is hereby repealed. This act to take
fleet in thirty days from and after It's publcat
N in the Iowa Capital Reporter and Iowa
Republican.
Passed both Houses Jan. l2th 1853.