The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1876-03-02
THE HIRE OF MONEY.
Rates OF Interest Allowed in tIse VarIOu,
States and Territories.

Stsztes 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 recOv-
cred.
Arkansas-Six per cent, but parties NAV
contract for any rate net 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.
Colorado Territory Temper cent. on money
loaned,
Connecticut Seven per cent. Usury for
feits interest taken in excess of legal rate.
DakOta-Seven per cent. Parties may con-
tract for a rate not exceeding twelve. Usury
fOrfeits all the interest taken.
Delaware-SiX per cent. Penalty for usury
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 TeTrit0ry-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.
IllinOis-Six per cent, but parties may
agree in writing for ten. Penalty for usury
forfeits the entire interest.
Indjana-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. A higher rate works a 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
| fets the whole interest charged.
LOuisiana-Five per cent. Eight per cent.
may be stipulated for If embodied in the face
of the obligation, but no higher than eight
per cent.
Naine-Six per cent. Parties may agree
in writing to any rate.
Maryiand-Six per cent. UsuFious 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 as twelve in writing,
but contract for higher rate is void to the
excess.
Mississippi-Six per cent. Parties may
| COltluNL III NLlIlLS 1OE lcA W mere 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 stipuIate for any
| rate of interest.
Nebraska-Tex per cent, or any rate on
| express contract not greater than twelve.
| UsuTy 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 a
misdemeanoT, punished by fine of 81 900 OF
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 usurv is double the amount Ient
and Indictment for misdemeanOr.
OhiO-Six per cent Contract in writing
may be for eight. No penalty attached for
violation of law. II contract is for d higher
| rate than eight it Is void as to interest, and
recovery is limited to principal and six pei
cent.
Oregon-Ten per cent. Parties may agre,
on twelve.
Pennsyivania-Six per cent. Usurious in
terest cannot be collected. If paid it may b,
recovered by suit thereof within six months
South CarOlina-Seven per cent. Usury
laws are abolished, and parties may cOntrac
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 law
abolished by the constitution.
Utah Territory-Ten per cent. No usur7
laws. Any rate may be agreed to.
! Nermont-SiX per cent. Usury forfeit
only the excess.
Nirginia-SiX per cent. Lenders forfeit al
interest in case OF usury.
| Washington TerritOry-Ten per cent. An,
rate agreed upon in writing Is valid.
| West Nirginia-Six per cent. Excess O
interest cannot be recovered if usury
pleaded.
| WiScousin-Seven per cent Parties ma,
contract in writing for ten. No interest cal
be computed on interest Usury forfeits al
b the interest paid
Wyoming Territory per cent, bu
any rate may be agreed upon IN writing.
The currency act Of congress limits nationa
banks TO n rate of six per cent. In the Dis
) trict of Columbia congress allows a rate O
ten per cent.