Legal Rate of Interest
Legal Rate of Interest. xiii
The following table, exhibiting the legal rates of interest allowed in
the different States and Territories within the Government of the United
States, and the punishment inflicted for usury by each State, may prove
of service as a matter of reference.
Maine, 6 per cent. Punishment for usury, forfeit of the usury.
New Hampshire, 6 per cent. Forfeit of three times the amount un-
Vermont, 6 per cent. Recovery in an action, with costs.
Massachusetts, 6 per cent. Forfeit of threefold the usury.
Rhode Island, 6 per cent. Forfeit of the usury and interest on the
Connecticut, 6 per cent. Forfeit of the whole debt.
New York, 7 per cent. Usurious contracts void.
New Jersey, 7 per cent. Forfeit of the whole debt.
Pennsylvania, 6 per cent. Forfeit of the whole debt.
Delaware, 6 per cent. Forfeit of the whole debt.
Maryland, 6, and on tobacco contracts 8 per cent. Usurious contracts
Virginia, 6 per cent. Forfeit double the usury taken.
North Carolina, 6 per cent. Contracts for usury void—forfeit double
South Carolina, 7 per cent. Forfeit of interest and premium taken,
with cost to debtors.
Georgia, 8 per cent. Forfeit three times the usury, and contracts void.
Alabama, 8 per cent. Forfeit of interest and usury.
Mississippi, 8 per cent. By contract as high as 10. Usury recover-
able in an action for debt.
Louisiana, 5 per cent. Bank interest 6, and conventional as high as 18—beyond
that contracts void.
Kentucky, 6 per cent. Usury may be recoverable with costs.
Ohio, 6 per cent. Usurious contracts void.
Indiana, 6 per cent. On written agreement may go as high as 10.
Penalty of usury a fine of double the excess.
Illinois, 6, and by agreement as high as 12, per cent. Penalty, three-
fold the amount of the whole interest.
Missouri, 6 per cent, beyond that, forfeiture of the whole interest due
and usury taken.
Michigan, 7 per cent. Forfeiture of the usury taken, and one-fourth
of the debt.