Definition of "Usury"
An interest rate charged on a loan that exceeds the legal maximum interest rate within the state. It is illegal to do so. The maximum interest rate may depend on the type of lender and nature of the loan. Federal laws may also apply.
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Comments for Usury
I entered into a contract with a real estate managing broker and I just learned that the interest rate far exceeds the Usury Law. Shouldn't he have known that?
May 11, 2018 08:14:29Hey, Derah
We'd need to know more about the case and the state you are in to give a fair opinion. It's best you find a real estate lawyer to help sort this usury problem out! Good luck!
May 18, 2018 10:45:57Have a question or comment?
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