The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1876-03-03
THE HIRE OF MONEY.
Rates of Interest All lSWeA In the Various
States and Territories.

The Philadelphia Ledger has compiled
the following statement of the interest
| allowed by the laws OF the several states
and territories of the United States:
Alabama-Eight per cent. On usuriOus
| contracts the principal only can be recoy.
cred.
| Arkansas-Six per cent, but parties may
| contract for any rate not exceeding ten.
| Usury forfeitS both principal and interest
| CalifOrnia-Ten per cent. after debt be-
comes due, but parties may agree upon any
rate of interest whatever, simple or com
| pound.
Connecticut-Sevenp per cent. Usury for
| feits interest taken in excess of legal rate.
DakOta-Seven per cent. Parties may con.
| tract for rate not exceeding twelve. Csury
forfeits all the interest taken.
Delaware-Six per cent. Penalty for uslIry
| forfeits sum equal to the money lent.
District of COlumbia-Six per cent. Par
ties may stipulate in writing for ten. Usury
forfeits all the interest.
Florida-Eight per cent. Usury laws re-
pealed. Money may be loaned at any rate.
Georgia Seven per cent. Parties may
contract for twelve. A higher rate than
twelve forfeits interest and excess.
Idaho Territory-Ten per cent. Parties
may agree in writing for any rate not exceed
ing two per cent. per month. Penalty for
greater rate is three times the amount paid
fine of $500 or six months imprisonment, or
both.
IIlinois-Six per cent, but parties may
agree in writing for ten. Penalty for usury
fOrfeits the entire interest.
Indiana-Six per cent. Parties may agree
in writing for any rate not exceeding ten.
Beyond that rate is illegal as to excess only.
Iowa-Six per cent Parties may agree in
writing for ten. higher rate works for
felt of ten per cent.
Kansas-Seven per cent. Parties may
agree for twelve. Usury forfeits the excess.
Kentucky-Six per cent, but contracts
may be made in writing for ten. Usury for
feits the whole interest charged.
Louisiana-Five per cent Eight per cent.
of the obligation, but no higher than eight
per cent.
Maine-Six per cent. Parties may agree
in writing to any rate.
Maryland-Six per cent. Usurious con-
tracts cannot be enforced for the excess
above the legal rate.
Massachusetts, and Rhode Island-SiX per
cent. Any rate may be agreed upon.
Michigan-Seven per cent. Parties may
contract any rate not exceeding ten.
Minnesota-Seven per cent. Parties may
contract to pay as high twelve in writing,
but contract for higher rate is void to the
excess
Mississippi-Six per cent. Parties may
contract in writing for ten. Where more
than ten is taken the excess cannot be re
covered.
Missouri-Six per cent Contracts in writ
ing may be made for ten. The penalty for
usury is forfeiture of the interest at ten per
cent.
Montana-Parties may stipulate for any
rate of interest.
Nebraska-Tex per cent, or any rate on
express contract not greater than twelve.
Usury prohibits the recovery of any interest
on the principal
Nevada-Ten per cent. Contracts in writ
ing may be made for the payment of any
other rate.
New Hampshire-Six per cent A higher
rate forfeits three times the excess to the
persons aggrieved suing thereof.
New Jersey-Seven per cent. Usury for
feitS all interests and costs.
New Mexico Territory-Six per cent, but
parties may agree upon any rate.
New York-Seven per cent Usury is
miSdemeanor, punished by fine of $1,000 or
six months imprisonment or both, and for
feits the principal, even in the hands of third
parties.
North Carolina-Six per cent Eight may
be stipulated for when money is borrowed.
Penalty for usury is double the amount lent
and Indictment for misdemeanor.
Ohio-Six per cent. Contract in writing
may be for eight. No penalty attached for
violation of law. If contract is for higher
rate than eight it is void as to interest, and
recovery is limited to principal and six per
cent.
Oregon-Ten per cent. Parties may agree
on twelve.
Pennsylvania-Six per cent CsurIous IN
terest cannot be collected. il paid it may be
recovered by suit thereof within six months.
South CarOlina-Seven per cent. Usury
laws are abolished, and parties may contract
without limit. Contracts must be In writing.
Tennessee-Parties. may contract in writ
ing for any rate not exceeding ten per cent.
Texas-Eight per cent. All usury laws
abolished by the constitution.
Utah Territory-Ten per cent. No usury
laws. Any rate may be agreed to.
Vermont-Six per cent. Usury forieits
only the excess.
Virginia-Six per cent. Lenders forfeit all
interest in case of usury.
Washington Territory-Ten per cent. Any
rate agreed upon in writing is valid.
West Virginia-Six per cent Excess of
interest cannot be recovered II usury is
pleaded.
Wisconsin-Seven per cent. Parties may
contract in writing for ten. No interest can
be computed on interest. Usury fOrfeits all
the interest paid.
Wyoming Territory-Twelve per cent, but
any rate may be agreed upon in writing.
The currency act of congress limits national
banks to a rate of six per cent. In the Dis
trict of Columbia congress allows rate of
ten per cent.