Des Moines courier. ([Ottumwa] Iowa) 1848-1854, 1853-02-03
AN ACT
70 regulate the Interest on Honey.

/
! SEC i. BE it enacie by tie Gsner-
al ASSEMBLY Of the State of Io,oa,
That the rate Of interest shall be six
cents on the hundred, by the year, on
money due by express contract, unless a
different rate be expressed in writing; on
all money after the same become due,
when there is no contract fixing the rate
of interest; on judgments and DEGREES for
| the paymen, of money, when no other
rates is expressed; on money lent, with
out contract fixing the rate of in.ere ST;
F.! aud on money received Tor the use of
another, and retained beyond reason
able time, without the owners consent,
express or implied; on money due the
settlement of natural accounts. from the
day when the balance is ascertained; on
money due Gpon 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 paw interest,
and no rate stipulated.
| Seq. Parties may agree, in writing,
for the paymen. Of interest not exceed
ing ten cents on the hundred, by the
year.
SEC. 3. Interest shall be allowed on
all monies due on judgments and de-
crees of any competent cour: or tribu.
nal, at the rate of six per cent. per, an.
| mum, unless different rate is fixed by
the contract on which the Judgment or
! decree is rendered; in which case the
judgment or 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
rate must be expressed in the judgment
or decree.
| SEC. 4. No person shall, directly or
! indirectly, receive IN money, goods or
things in action, or in any other manner,
any greater sum or value, for the loan Of
money, or upon contract founded upon
any bargain sale or loan Of wares, mer-
chahdise, goods, chatles, lands and len
emens, than is in this act prescribed.
SEC. 5. If il shall be ascertained in
any sui, brought, on any contract, that a
! rale of interest has been contracted for,
greater than is authorized by this act, Ell &,
Their directly or indirectly in money,
properly, or other valuable things, the
same shall work forfeiture of ten per
centum, per annum, upon the amount of
such contract, TO the school fund of the
county in which The suit is brought. and
the plaintiff shall have Judgment for the
principal sum, without either interest or
costs. The court in which said suit is
prosecuted shall render judgment for
The amount OF interest forfeited as afore.
said, against defendant in the State Of
Iowa, for The use OF the school fund of
said county, whether said suit is con-
tested or not, and in all cases when the
unlawful interest is not apparent on the
contract, or writing. the person contract.
ing to pay the unlawful interest shall be
IA competent witness and prove that tine
! contract is usurious, ard in no case where
unlawful iuteres. Is contracted for, shall
the plaintiff have judgmen, for more
than The principal sum, whether the un-
lawful interest be Incorporated with the
principal or not.
SEC. 6, Nothing in this act shall be
construed SO as 10 prevent the proper
bona file assignee OF any usurlous con-
tract recovering against the usrer the
full amount of the consideration paid by
him. for such contract, less the amount
of the principal money, but the same
may be recovered of such usurer, in the
proper action, before any court having
competent jurisdiction.
SEC. Z. SO much OF chapter 81, title
l3, of the code, as may conflict with the
provisions of this act is hereby repealed.
This act to take effect in thirty days from
and after lis publication III the Iowa
Capital Reporter and Iowa Republican.
| Passed both Houses jar. 18th, 1853.