Examples of Usury Act in a sentence
Debit interest will be calculated daily at the rate decided by us from time to time as shown on the FNB Control account monthly statement, but will not exceed the maximum permissible annual finance charge rate allowed under the Usury Act.
Short title and date of commencement 37 Usury Act, 1968Act 73 of 1968 Published in South African Government Gazette no.
Debit interest will be calculated daily and capitalised and charged monthly at the maximum permissible annual finance charge rate allowed under the Usury Act when this agreement ends and/or the Credit Card Facility ends.
This transmission took place and, on 10 March 1958, a preliminary investigation (Voruntersuchung) was opened by the Wels Court against the Applicant who was suspected of having committed the crime of usury within the meaning of Section 3, sub-section 4, of the Usury Act and of Article 2 of the Regulation on Usury.
Suspected of having committed offences against the Usury Act (Wuchergesetz), Stögmüller was arrested on 3 March 1958 pursuant to a decision of the Linz District Court.
This provided the impetus for a second and new Exemption to the Usury Act in 1999.37 This, therefore, resulted in an establishment of the Micro Finance Regulatory Council (MFRC) in 1999 as a regulatory body and the new regulations to govern the industry.
Micro-lenders, after having registered with the MFRC, were required to lend within the Usury Act’s interest rate limits which are between 29 and 33% per year.41 Failing to comply with the Usury Act, they will be contravening the rules and will be subject to the penalties of the Usury Act.However, the continuous increase in reckless lending which placed the low-income households in financial distress was cause for concern.
One of the challenges relating to the growing microfinance sector is that it is not explicitly regulated by the government and no Usury Act exists.
In ITC 152726 the taxpayer sold furniture on instalment sale and subsequently incurred expenditure in complying with the requirements of the Limitation and Disclosure of Finance Charges Act and the Usury Act.
The purpose of the Usury Act of 1992 was to place limitations and responsibilities on micro-lenders to protect consumers from usurious exploitation by micro-lenders.