Usury means loaning money at an exorbitant or illegally high interest rate. States set their own maximum interest rates. Florida declares interest higher than 18 percent per year for loans up to $500,000 and higher than 25 percent for loans over
Usury means interest that exceeds the applicable maximum amount allowed by law.
Usury or "usurious interest" means interest that exceeds the applicable maximum amount allowed by law.
Examples of Usury in a sentence
In no event shall any agreed-to or actual exaction as consideration for this Note exceed the limits imposed or provided by Applicable Usury Laws in the jurisdiction in which the Company is resident applicable to the use or detention of money or to forbearance in seeking its collection in the jurisdiction in which the Company is resident.
Each State’s Usury Rate varies therefore it’s important to know the rate before charging the borrower an interest rate.
In this example, our loan originates in the State of New York, which has a maximum Usury Rate of 16% which we will use.
Step 3 – Interest The interest charged on a loan is regulated by the State in which it originates and it’s governed by the State’s Usury Rate Laws.
It is the intent of the parties hereto to comply with the Applicable Usury Law.
More Definitions of Usury
Usury. The fees and interest charged by Bank in connection with the Loans do not violate any usury or other similar laws of the State of South Carolina or the laws of the United States;
Usury means the charging of interest by a lender in an amount which is greater than that allowed by this subtitle.
Usury means loaning money at an exorbitant or illegally high interest rate. States set their own maximum interest rates. Florida declares interest higher than 18 percent per year for loans up to $500,000 and higher than 25 percent for loans over $500,000 usurious unless otherwise allowed by law. Legal Information Institute, Usury, https://www.law.cornell.edu/wex/usury (last visited Jan. 22, 2020); Ss. 687.02(1) and 687.071(2) and (3), F.S.
Usury. All agreements in the Reimbursement Agreement and all other Security Documents are expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the Indebtedness or otherwise, shall the amount agreed to be paid hereunder for the use, forbearance or detention of money exceed the highest lawful rate permitted under applicable usury laws. If, from any circumstances whatsoever, fulfillment of any provision of the Reimbursement Agreement, this Deed of Trust or any other of the Security Documents at the time performance of such provision shall be due, shall involve exceeding any usury limit prescribed by law which a court of competent jurisdiction may deem applicable hereto, then, ipso facto, the obligations to be fulfilled shall be reduced to allow compliance with such limit, and if, from any circumstance whatsoever, Beneficiary shall ever receive as interest an amount which would exceed the highest lawful rate, the receipt of such excess shall be deemed a mistake and shall be canceled automatically or, if theretofore paid, such excess shall be credited against the principal amount of the Indebtedness to which the same may lawfully be credited, and any portion of such excess not capable of being so credited shall be refunded immediately to Grantor. Grantor hereby affirms that the Indebtedness was obtained, and the proceeds thereof have been and shall be used, solely for business purposes.
Usury. It is the intention of Grantor, Maker and Grantee to conform strictly to the usury laws in force in the State of Texas. Therefore: (a) in the event that Indebtedness is prepaid or the maturity of the Indebtedness and Obligations is accelerated by reason of an election by Grantee, unearned interest shall be canceled and, if theretofore paid, shall either be refunded to Maker or credited on the Indebtedness, as Grantee may elect; (b) the aggregate of all interest and other charges constituting interest under applicable laws and contracted for, chargeable or receivable under the Note, the Indebtedness (if unpaid), the other Security Instruments or otherwise in connection with the loan transaction contemplated thereby shall never exceed the maximum amount of interest, nor produce a rate in excess of the maximum contract rate of interest that Grantee is authorized to charge Maker under applicable law and (c) if any excess interest is provided for, it shall be deemed a mistake, and the same shall, at the option of the Grantee, either be refunded to the Maker or credited on the unpaid principal amount (if any), and the Indebtedness shall be automatically reformed so as to permit only the collection of the maximum legal contract rate and the amount of interest.
Usury. The Loan and the Interest Rate and the Contingent Returns do not violate laws applicable to civil or criminal usury.
Usury means an offence of being involved in administering any illegal money lending activity on employer’s business or premises;