Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1876-03-06
THE HIRE OF MONEY.
Rates of Interest Allowed in the
Various states ana Territories.

Rates of Interest Allowed I'm the
VarfOns 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 percent. On usurious
contracts the principal only can be re-
covered
Arkansas-Six per cent, but parties
may contract for any rate not exceeding
ten. Uusury forfeits both principal and
interest
CAlitornis-Ten per cent after debt
becomes due. but parties May agree upon
any rate Of interest whatever, simple or
compound.
Conneoticut-Seven per cent. Usury
forieits interest taken in excess Of legal
rate.
Dakots-Seven per cent. Parties may
contract for a rate not exceeding twelve.
Usury forfeits all the interest taken.
Delsware-Six per cent. Penalty for
usury forfeits sum equal to the money
lent.
District of Columbia-Six per cent.
Parties may stipulate in writing for ten.
Usury forfeits all the interest
Florida-Eight per cent Usury laws
repealed. Money may be loaned ct any
rate. gi
Georgia-Seven per cent. Parties
may contract for twelve. A higher rate
than twelve forfeits interest and excess.
Idaho Territory--Ten per cent. Par.
ties may agree in writing for any rate
not exceeding two per cent per month.
Penalty for greater rate is three times
the amount paid, fne Of $500 or six
IN onths imprisonment, or both.
Illinols-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 no: exceed
ing ten. Beyond that rate is illegal as
to excess only. I3
IOwa-Six per cent. Parties may
agree in writing for ten. A higher rate
works forfeit of ten per cent.
Kansas-Seven per cent. Parties may
agree for twelve. Usury forfeits the ex.
cess.
Kentucky-Six per cent, but contracts
may be made iD writing for ten. Usury
forfeits 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
Maine-Six per cent Parties may
agree in writing to any rate.
Maryland-Six per cent. Usurious
contracts cannot be enforced for the ex-
cess 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 inter
est is void TO the excess.
Mississippi-Six per cent. Parties
may contract in writing for ten. Where
more than ten is taken the excess can.
not be recovered.
Missouri-Six per cant. Contracts in
writing may be made for ten. The pen
atty for usury is forfeiture of the interest
AZ ten per cent.
Montana-Parties may stipulate for
any rate Of interest.
Nebraska-Ten per cent, or any rate
on express contract not greater than
twelve. Usury prohibits the recovery of
any interest on the principal.
NeVada-Tsn per cent Contracts in
writing may be made for the payment of
any other rate.
New Hampshire-Six per cent. A
higher rate forfeits three times the ex.
cess to the persons aggrieved suing
thereof
New Jersey-Seyen per cent. Usury
forteits all interest and costs.
New Mexico Territory-Six per cent,
bnt parties may agree upon any rate.
New York=-Seven per cent, Usury is
a misdemeanor, punished by fine Of !
) SlO0e or ak months Imprisonment, or
,otSf and forfeiis the principal, even in
ne ka pds Of third parties,
North Qsrolina-Six per cent. Eight
nav be stipulated for when money is Dor.
owed. Penalty for usnry is double the
AMOUNT lent and Indictment fer misde'
meanor.
Ohio-Six per cent. Contract in writ
ng may be for eight No penalty at
,ached Tor violation OF Law. II coatract
Is for q higher rate than eight it is void
as to interest, and recovery is limited to
and six per cent.
Gregen-Ten per cent, Parties may
lgtee on twelve.
Pennsylvanis-Six per cent. Usurious =
interest cannot be collected. II paid it
nay be recovered by suit thereof within
Iix m0nths.
South Carolina = Seven per cent.
Jsury laws are abolished, and parties
nay contract without limit. Contracts
must be 10 writing.
Tennessee Parties may contract in
writing for any rate not exceeding ten
per cent. a
Texas--Eight per cent All usury
laws abolished by the Constitution.
Utah Territory-Ten per cent. No
lsury laws. Any rate may be agreed to. q
Vermont-Six per cent Usury for !
Eeits only the excess. q
Virginia-Six per cent. Lenders for. Q
Ieit all interest in case Of nSury.
Washington Territory-Ten per cent.
ANY rate agreed upon 10 writing is valid.
West VirginiA-Six per cent. Excess