Usury

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Usury

This term is generally used to denote an illegal predatory lending practice in which a lender charges an interest rate on a loan that is considered to be excessive or in violation with interest rate limits as established by some state governments. An excessively high interest rate that is overly burdensome for the borrower. A lender may set an interest rate unreasonably high if they believe that the borrower may not be able to repay the loan and interest. Limits on interest rates vary from state to state within the U.S. See: Loan shark, Usury laws

Usury

An excessively high interest rate. Different jurisdictions have different regulations as to what constitutes usury, but most places have laws protecting consumers from the practice of borrowing at such an interest rate. In some cases, as in Islamic finance, any interest at all is considered to be usury, and, therefore, providers of funding must find different ways to provide financing at a profit.

usury

An interest rate higher than allowed by state law. The limits usually vary depending on the size of the loan,the term,the use of the money,and/or the status of the borrower as a consumer or other type of borrower. The consequences of usury may range from a reduction of the interest rate, loss of all interest completely, or even civil fines or penalties.

References in periodicals archive ?
District Court for the Southern District of New York ("District Court") against both Midland entities ("Midland"), alleging that they (1) violated the Fair Debt Collection Practices Act by engaging in abusive and unfair debt collection practices, and (2) were attempting to collect a rate of interest that was usurious under New York law (59) (only the interest charged after Midland purchased the debt was argued to be usurious).
Prohibition on agreeing to usurious interest in any type of civil or commercial transaction under Article 409 of the Penal Law and Article 714 of the Civil Transactions Law is limited to transactions between individuals without extending to transactions between individuals and corporate entities which can agree with other corporate entities or individuals on conventional interest.
I guess the modern credit union new lending strictures now suggest some computer model to determine if they can make enough usurious loans to cover the losses on the mistakes of the A member loans and forget helping a member in need.
Macedonian citizens repeatedly say that here in Macedonia the banks and leasing companies offer us usurious interest rates.
(1) The Old Testament commands that "[t]hou shall not lend upon usury to thy brother" (2) or "take usurious interest from him." (3) Early Judeo-Christian communities regarded the practice of charging interest an immoral sin.
Pasem's clients did not have a "usurious loan" under Florida's legal definition of the term.
That Milton lived off money-lending--"a usurious Citt, brought up in a usurer's household and himself a usurer" (72)--suggests the complexity of Milton's position, as seen from biography.
The hotel rates are downright usurious, and that's just the start of it.
THE ARKANSAS SUPREME Court finally, finally realized what should have been obvious nine years ago: The Check Cashers Act of 1999, which tried to legitimize the usurious practice of payday lending, was a blatant violation of the state constitution.
In the short term, it would have been disastrous, but in the long term the incompetents (or usurious) would have been culled from the system and replaced with fiscally conservative leaders.
The subjects of his scathing criticism include (but are not limited to) juries, predispute mandatory arbitration, original intent as a method of constitutional interpretation, medical malpractice claims, charitable hospitals, bankruptcy law, credit cards with usurious interest rates, and corporate governance.
As Christians, there is much we can do to put a stop to the lending industry's usurious acts, which not only steal the widow's mite today but also rob from future generations.