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Know Your Usury Laws

ALABAMA law code states the maximum interest lenders can charge is 6% while the maximum usury limit is 8%. Percentage rate for judgment can be as high as 12%.

ALASKA law code states the maximum interest lenders can charge is 10.5% while the maximum usury limit is more than 5% above the Fed Reserve rate on the date the loan was made.

ARIZONA law code states the maximum interest lenders can charge is 10%.

ARKANSAS law code states the maximum interest lenders can charge is 6% – max usury limit 5% above the Fed Reserve’s rate – for consumers a usury limit is 17%. Judgments accumulate interest at the rate of 10% per year or the legally agreed rate – whatever is more.

CALIFORNIA law code states the maximum interest lenders can charge is 10% for consumers – max usury for non-consumers is 5% more than the Fed Reserve Bank of San Francisco’s rate.

COLORADO law code states the maximum interest lenders can charge is 8% while the maximum usury limit is 45%. The max rate for consumers at 12% per year.

CONNECTICUT law code states the maximum interest lenders can charge is 8% – general usury rate is 12%. When civil suits accumulate allowed interest it’s 10%.

DELAWARE law code states the maximum interest lenders can charge is 5% higher than the Fed Reserve rate.

DISTRICT OF COLUMBIA law code states the maximum interest lenders can charge is 6% while the maximum usury limit is 24%.

FLORIDA law code states the maximum interest lenders can charge is 12% while the maximum usury limit is 18%. Loans higher than $500K max rate equals 25%.

GEORGIA law code states the maximum interest lenders can charge is 7% – loans below $3K the usury limit is 16%. On loans above $3K, the limit is 5% monthly. For loans under $250K the rate must be detailed in “simple interest”. Documentation is required.

HAWAII law code states the maximum interest lenders can charge is 10%. Usury limit for consumers is 12%.

IDAHO law code states the maximum interest lenders can charge is 12%. Judgments accumulate interest at 5% higher than the U.S. Treasury Securities rate.

ILLINOIS law code states the maximum interest lenders can charge is 5%. The usury limit is 9%. The judgment rate is 9%.

INDIANA law code states the maximum interest lenders can charge is 10%. The judgment rate is also 10%. Max interest rate for financing under $50K at 21%

IOWA law code states the maximum interest lenders can charge is 10%. General consumer-based transactions the max rate is 12%.

KANSAS law code states the maximum interest lenders can charge is 10% while the maximum usury limit is 15%. Judgments accumulate interest at 4% above the federal rate. For consumer transactions the max rate on the first $1K is 18% – higher than $1K it’s 14.45%.

KENTUCKY law code states the maximum interest lenders can charge is 8% while the maximum usury limit is more than 4% more than than the Fed Reserve rate or 19% – whichever is less. On loans above $15K there is no limit. Judgments accumulate interest at a rate of 12% compounded yearly or at the rate deemed by the Court(s).

LOUISIANA law code states the maximum interest lenders can charge is one% over the avg. prime rate. Can’t exceed 14% or be less than 7%. Usury limit for consumers is 12% and no limitation for corps.

MAINE law code states the maximum interest lenders can charge is 6%. Judgments below $30K accumulate 15%, otherwise they accumulate interest at the 52 week avg. discount rate for T-Bills plus 4%.

MARYLAND law code states the maximum interest lenders can charge is 6% while the maximum usury limit is 24%. Judgments accumulate interest at 10%.

MASSACHUSETTS law code states the maximum interest lenders can charge is 6% – general usury rate 20%. Judgments accumulate interest at either 12% or 18% as deemed by the courts.

MICHIGAN law code states the maximum interest lenders can charge is 5% while the maximum usury limit is 7%. Judgments accumulate interest at the rate of 1% above the 5 year T-Bill rate.

MINNESOTA law code states the maximum interest lenders can charge is 6%. Percentage rate for judgment can be as high as the secondary market yield for one year T-Bills. Usury limit is 8%.

MISSISSIPPI law code states the maximum interest lenders can charge is 9% while the maximum usury limit is 10% or more than 5% above the Fed reserve rate. No usury limit for commercial lending above $5K. Percentage rate for judgment can be as high as 9%.

MISSOURI has a judgment rate 9% interest. No usury for Corps.

MONTANA law code states the maximum interest lenders can charge is 10% while the maximum usury limit is higher than 6% more than the NYC banks’ prime. Judgments accumulate interest at the rate of 10% per year.

NEBRASKA law code states the maximum interest lenders can charge is 6% – max usury 16%. Accounts accumulate interest at the rate of 12%. Judgments accumulate interest at the rate of 1% above the BEY (Bond Yield Equivalent) to T-bill auction price.

NEVADA law code states the maximum interest lenders can charge is 12% – no usury limit in place.

NEW HAMPSHIRE law code states the maximum interest lenders can charge is 10% – no general usury limit in place.

NEW JERSEY law code states the maximum interest lenders can charge is 6% – max usury at 30% for consumers, 50% for Corps.

NEW MEXICO law code states the maximum interest lenders can charge is 15%. Judgment rate varies and set by the Court.

NEW YORK law code states the maximum interest lenders can charge is 9% while the maximum usury limit is 16%.

NORTH CAROLINA has a usury limit at 8%. Financing greater than $25K there is no limit.

NORTH DAKOTA law code states the maximum interest lenders can charge is 6% while the maximum usury limit is 5 1/2% above the 6 month treasury bill rate. Percentage rate for judgment can be as high as 12%.

OKLAHOMA law code states the maximum interest lenders can charge is 6%. Consumer can’t be higher than 10% unless the lender is licensed for consumer lending. Max rate on non-consumer lending is 45%. Percentage rate for judgment can be as high as the
T-Bill rate + 4%.

OREGON has a legal rate is 9% – judgment rate is 9%. General usury rate for lending below $50K is 12%, or 5% higher than the discount rate for commercial notes.

PENNSYLVANIA has a max interest allowed at 6% – this is the general usury limit for loans below $50K. Judgments accumulate interest at the legal rate. The usury limit is 25%.

PUERTO RICO law code states the maximum interest lenders can charge is 6% – all other rates set by the Finance Board of Office of Commissioner of Financial Institutions. Judgments accumulate interest at the same rate as the debt.

RHODE ISLAND has a the legal rate of interest and judgment rate is 12%. General usury limit is 21% or the interest rate charged for T-Bills plus 9%.

SOUTH CAROLINA law code states the maximum interest lenders can charge is 8.75% – judgments accumulate interest at 14%. No general usury limit for non-consumer business.

SOUTH DAKOTA has a max interest allowed at 15%, judgments accumulate interest at the rate of 12%. There is no other usury limit. There are limitations for consumer loans below $5K.

TENNESSEE has a judgment rate is 10%. General usury limit is 24%, or four% higher than the avg. prime loan rate.

TEXAS law code states the maximum interest lenders can charge is 6%. Interest does not begin until 30 dates after an account was due. The judgment rate of interest is 18% or the rate in the contract, whichever is less. There are a number of specific limits for lending types.

UTAH law code states the maximum interest lenders can charge is 10%. Judgments accumulate interest at the rate of 12%.

VERMONT has a judgment rate of interest at 12%. On consumer loans the max rate is 18% on the first $500, 15% above $500. General usury limit at 12%.

VIRGINIA law code states the maximum interest lenders can charge is 8%. Judgments accumulate interest at 8%. Corps lending has no usury limit. Lending above $5K for business has no usury limit. Consumer loans have various usury limits so check with the Virginia legal establishment.

WASHINGTON has a legal lending rate at 12%. General usury limit at 12% as well, or four% higher than the avg. T-Bill rate for the past 26 weeks. Judgments accumulate interest at 12%.

WEST VIRGINIA law code states the maximum interest lenders can charge is 6%.

WISCONSIN law code states the maximum interest lenders can charge is 5%. Many different interest rates on specific lending products. No general usury limit for corporations. Judgment rate at 12%.

WYOMING is simple to remember with legal rate and judgment rate the same at 10%.