Eaton weekly Democrat. [volume] (Eaton, Ohio) 1866-1875, 1871-10-12
WHOLE NUMBER 1913.
Rate of Interest i'm Different
States.

As the subject of interest on money is
now greatly excising the minds of the
people,i it may not be out of place to refer
to the laws of the different States of the
Union. F-TTs4 ~ OHIO
Alabama. Eight per cent. No higher
rate allowed on special contract.
Arkansas. Six per cent. Parties
may agree verbally or in writing for any
rate.
California. On judgements seven per
cent. On contracts, &c.,where no rate is
fixed by the parties, or the agreement is
not in writing, ten per cent. When the
parties agree in writing any rate they
name, and compounded or otherwise.
Colorado. Legal rate where there is
no agreement, ten per cent. Parties may
stipulate for a higher rate. e-r
Connecticut. Interest is limited to six
per cent, under penalty of forfeiture of
interest.
Delaware. Six per cent. No higher
interest can be agreed on between the
parties. 3 {. E [-ifI II
District of Columbia. Six per cent.
The parties may contract in writing
for higher rate, not TO exceed ten per
cent. ggi1H0%1'f1 "ti' Do
Florida. Eight per cent. On special
contracts any rate may be charged.
Georgia. Seven per cent. No higher
rate allowed on special contract.
Illinois. Six per cent Parties may
agree on any rate not exceeding ten
per cent. Open accounts do not carry
interest. sss11 g}uuJJ
y Indiana. Six per cent. Parties may
agree in writing on any rate not exceed
ing twelve per cent. =,
Kansas Seven per cent. Parties NAV
agree in writing on any, rate not exceed
Ing twelve per cent. 90
10 Kentucky. Six per cent, but the con-
tract for more not absolutely void. The
lender may recover the amount actually
loaned, with six per cent. interest
Louisiana. Five per cent. . Parties
may agree in writing for rates as high as
eight per cent.
Maine. Six per cent. Any rate may
be fixed by Contract.
Maryland. Six per cent. No higher
rate can legally be contracted for.
MASSACHUSETTS. Six per cent. ANY
rate may be agreed upon in writing be-
tween the two parties.
Michigan. Seven per cent. Parties
may agree on any rate not exceeding
ten per cent.
Minnesota. Seven per cent. Parties
may agree in writing on any rate not ex-
ceeding twelve per cent.
Mississippi Six, per cent. Parties
may agree on any rate not exceeding
twelve per cent. = a-sl'
Missouri. Six per cent. Parties may
agree in writingl for any rate not ex-
ceeding ten per cent. at .lIlflri &
New Hampshire. Six per cent, unless
smaller rates are stipulated for.
New Jersey. Seven per cent. All
contracts for higher yoid.aC rTsT
New York. Seven per cent. All con-
tracts wherein an excess of that is re-
ceived are void, the usurions lender for
fe1tlng both principal and interest.
North Carolina. Six per cent, but
special contracts for rates as high as
eight per cent. allowed. 4
Ohio Six per cent. Special contracts
for any rate not exceeding eight per cent.
allowed. H'sE in9HD -
Oregon. Ten per cent. Parties may
agree in writing for a rate as high as
twelve per cent.
Pennsylvania. Six per cent "A con-
tract for higher rate not binding. A
fair purchase of bond or note may be
made at any discount without being
usurious. o.. -..s -
Rhode Island. Six per cent. Any
rate fixed by contracting parties legal.
/. South Carolina. Seven per cent. Par
ties may agree on any specific rate.
b. Tennessee Six per cent. Special
contracts may extend it to ten per cent.
Texas. Eight per dcent. The new
constitution does away with the usurious
.1 Utah. n Legal interest ten per cent.
but any rate contracted for is enforceable.
Vermont. Six per cent Any rate
Virginia. Six per, cent. Parties may
contract as high as twelve per cent.
. The Luxury of LOa6uE