Opinion ID: 1794502
Heading Depth: 1
Heading Rank: 5

Heading: Our second conventional interest law

Text: We have seen that during the entire Convention of 1870 the General Assembly was in simultaneous session. Two days after the Convention finalized its action on Article 11, section 7 and on February 23, 1870, the very day and date the finished Constitution was presented to the Governor, the Legislature adopted our second conventional interest law, Chapter 69, Public Acts of 1869-1870. Section 1 provided that it shall be lawful to contract for any rate of interest not exceeding ten per cent. per annum, provided that the rate of interest be in writing and expressed in the face of the instrument... . Section 2 provided: That the rate of interest now established by law shall continue equal and uniform throughout the State as heretofore, and no greater rate of interest than six per cent. per annum shall be received on any contract or obligation, unless agreed on by the parties, and reduced to writing in the face of the contract or obligation, according to the provisions of the first section of this Act. This Act was repealed by Chapter 21 of the Acts of 1877, with the result that the Act of 1835, as codified in the Code of 1858 was again effective.