The daily gazette., 1875-12-01
THE LEGAL RATES OF INTEREST.


allowed by the laws of the several
States and Territories of the United
States and of Upper and Lower Cana.
da, which merchants, bankers and
others interested may find OF sufficient
Importance TO eut out and post up in
convenient reach:
Alabama : per cent. On usuriOus
contracts the principal only can be re-
ceived.
Atkansas-G per cent, but parties
may contract for any rate not exceed
ing 10. UsUry forfcits both principal
and interest.
California-10 per cent. after a debt
becomes due, but parties may agree
upon any rate Of interest whatever,
simple or compound,
Colorado Territory-10 per cent, on
money loaned.
Connccticut-7 per cent. Usury
forfeits interest taken in excess of le
gal rate
Dakotah-7 per cent. Parties may
contract for a rate not exceeding
12. Usury forfeits all the interest
taken.
Delaware-G per cent Penalty for
uSury forfeits sum equal to the money
lent.
District of Columbia-6 per cent.
Parties may stipulatc in writing for
TO- Usury forfeits all the interest.
Florida-S per cent. Usury laws
repealed. Money may be loaned at
any rate.
Georgia-7 per cent Parties may
contract for 12. A higher rate than 12
forfeits interest and excess.
Idaho Territory-10 per cent. Par
ties may agree in writing for any rate
not exceeding . per cent per month.
Penalty for greater rate is three times
the amount paid, fine of $500, or six
months Imprisonment, or both.
lllinois-6 per cent, but parties
may agree in writing for 10. Penalty
for usury forfeits the entire inter.
est.
Indiana-6 per cent. Parties may
| agree in writing for any rate not ex-
ceeding 10. Beyond that rate is illegal
ms to excess only.
Iowa-G per cent, Parties may
agree in writing for 10. \ higher
rate works Il forfeiture of 10 per
cent.
Kansas per cent, Parties may
agree for II, Usury forfeits the
excess.
kentucky-G per cent, but contracts
may be made in writing for 10. Usury
forfeits the whole interest charged.
Louisiana-5 per cent; 8 per cent
may be stipulated for, if embodied in
the face of the obligation, but no
higher than per cent.
Malne-6 percent. Parties may agree
in writing to any rate,
Mary land-6 per cent. lsurious
contracts cannot be enforced for the
excess above the legal rate.
Michigan-7 per cent. Parties may
contract for any rate not exceeding
10.
Minnesota per cent. Parties may
contract to pay as high as 12, in wri.
ting, but contract for higher rate is
void to the excess.
Mississippi-6 per cent. Parties
may contract in writing for TO- Where
more than 10 is taken the excess can
not be recovered.
Missouri-6 per cent, Contract in
writing may be made for 10. The
penalty for usury is forfeiture of the
interest at 10 per cent.
Montana-Psrties may stipulaie for
any rate Of interest.
Nebraska-lO per cent, or any rate
on express contract not greater than
II. Usury prohibits the recovery of
any interest on the principal.
Nevada-10 per cent. Contracts in
writing may be made for the payment
of any other rate.
New Hampshire-6 per cent. A
higher rate forfeits three times the ex.
cess to the person aggrieved suing
therefor.
New Jersey? per cent. l'sury
forfeits all interest and costs.
New Mexico Territory-G per cent. |
but parties may agree upon almost any
rate.
New York. per cent. Usury is a |
misdemeanor, punishable by fine of
$1,000, or six months Imprisonment, or
both, and torfeits the principal, even
in the hands of third parties.
North Carolina--6 per cent; may
be stipulated for when money is tor-
rowed. Penalty for usury is double |
the amount lent and indictment for |
misdemeanor.
Ohio s per cent. Contract in writ. |
ing may be for s. No penalty attached
for violation of law. If contract is for |
n higher rate than it is void as to
interest, and recovery is limited to
principal and per cent.
Oregon-1O per cent Parties may
agree on -.
Pennsylyania-6 per cent. usurious
interest cannot be collected. Ii paid |
it may be recovered by suit therefor |
within six months.
Rhode lsland-6per cent Any rate
may be agreed upon,
South Carolina-7 per cent. Csury
laws are abolished. ard parties may
contract without limit Contracts must |
be in writing.
Tennessee-6 per cent. Parties may
contract in writing for any rate not
exceeding 10 per cent.
Texas-S per cent. All usury laws
abolished by the Constitution.
| tab Territory-10 per cent. No
usury laws. Any rate may be agreed |