“(William Blackstone’s Comment in UK laws).
The Canadian Criminal Code limits the interest rate to 60% annually. The law has been written broadly and the Canadian courts often intervened to eliminate uncertainty.
Japan has a variety of laws that restrict interest rates. According to the civil law, the maximum interest rate is between 15% and 20% per year depending on the principal amount (larger amounts with a lower maximum ratio). The interest exceeding 20% is subject to criminal sanctions (the criminal code was 29.2% until the legislation is lowered in maximum 2010). The delay rate for delayed payments can be applied to the normal maximum of 1.46 times (ie, 21.9 to 29.2%), the pledge shops may apply up to 9% per month (however, if the credit is more than normal short-term pledge credits Extends, 9% of the compound monthly, the annual rate may exceed 180%, most of these transactions will result in the lost goods).
The laws of ensuice are the state law that determines the maximum legal interest rate that loans can be made. In the United States, the primary legal force regulating sending products is primarily belonging to the states. Each US provincial has its own statute to determine how much interest can be applied before considering useful or illegal.
If the lender fee above the legal interest rate, the Court does not allow the lender to recover the high interest in violation of the debt, and some states apply all the payments over the principal balance. In some states such as New York, the curiosity loans are initially canceled.
The lending process of lending into the eurunalism is typically called telephecia. This term is sometimes applied to the application of consumer loans without license in the authorities that require creditors to obtain licenses.
At the federal level, the congress has never attempted to federally regulate interest rates on completely private operations, but based on the US Supreme Court of the US Supreme Court, it may probably be the authority to do this of the US Congress. Constitution.
Congress gave a federal penalty for illegal interest rate rates through the definition of affected and corrupted organizations (RICO Regulation) and his “illegal debt”, and this is a federal penalty for illegal interest rates and this is a potential federal crime to lend it with an interest rate than twice the interest rate. it is doing it. Try to collect the local state of the province and then this debt.
It is a federal offense to use violence or threat to collect vigor benefit (or any other way).
Separate federal rules apply to most banks. In the case of US Supreme Court 1978, Marquette Nat. According to Bank of Minneapolis – First of Omaha Service Corp., the National Banking Act of 1863 has allowed to collect the legal interest rate in the provinces, regardless of the province of the borrower in which the debtor is residential in the state.