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General Court. Act on interest rate and against excessive usury, 1826 [version 2]
SEE ALSO 51779 An act to establish the rate of interest and to restrain the taking of excessive usury, March 16, 1826 version 2. Interest on $100
was not to be more than $6 per year, nor exceed that for a greater or lesser sum or a longer or shorter time. If a contract was already in place for
higher interest, that interest part of the contract was void; the principal had to be repaid, but the interest could not exceed the above. Courts were
directed to enforce it. In any trial where usury was an issue, the defendant and plaintiff could each be a witness. A bank could not charge higher
interest, either. This repealed an act of 1784. (Digitized from a microfilm copy of title originally held by the Massachusetts State Library).
Title:   An act, to establish the rate of interest, and to restrain the taking of excessive usury
OCLC Number:   1381685474
Available Volumes
NameFiche CountOnlinePaper Backup
Vol. 1YesNo