Democratic Sentinel, Volume 3, Number 1, Rensselaer, Jasper County, 14 February 1879 — Interest Laws in the United States. [ARTICLE]

Interest Laws in the United States.

The following table gives the laws of each State and Territory regarding rates of interest and penalties for usury: \Legal Rate alSTATES AND TER Rate lowed by RITOBIKS. 'if lot contract Penalties for Usuru # c't $ cent. Alabama 3 8 Forfeiture of interest. Arizona 10 Any rate None. Arkansas 6 10 Fortt, principal & int. California 10 Any rate None. Colorado 10 Any rate None. Connecticut 6 6 Forft. excess of int. Dakota. 1 12 Forft. entire interest. Delaware 6 6 Forfeiture of principal Dist of Columbia 6 10 Forft. en‘ire interest. Florida 8 Any rate None. Georgia.-. 7 12 Forfeiture of interest. Idaho 10 24 S3OO fine, or imprison. Illinois 6 10 Forft. excess of int. Indiana 6 10 Forft. excess of int. lowa 6 10 Forft. excess of int. Kansas 7 12 Forft. excess of int. Kentucky 6 8 Forft. entire interest. Louisiana 5 8 Forft. entire interest. Maine 6 Any rate None. Maryland 6 6 Forft. excess of int. Massachusetts... 6 Any rate None. Michigan 7 10 Forft. excess of int. Minnesota 7 12 Forft. excess of int. Mississippi 6 Any rate None. Missouri 6 10 Forft. entire Interest. Montana 10 Any rate None Nebraska 10 12 Forfeiture of interest. Nevada 10 Any rate None. New Hampshire. 6 6 Forft.thrice the excess New Jersey 7- 7 For.t. entire interest. New Mexico b Any rate None. New York.. . 7 7 Forfeiture of contract. Not th Carolina.. 6 8 Forft. entire interest. Ohio 6 8 Forft. excess of int. Oregon 10 12 Forft. principal & iut. Pennsylvania.... 6 Any rate None. Rhode Island.... 6 Any rate None. South Carolina.. 7 Any rate None. Tennessee 6 10 Forft. excess of int. Texas 8 Any rate None. Utah 10 Any rate None. Veimen . 6 6 Forft. excess of int. Virginia 6 7 Forft. entire'interest. Washington Ter. 10 Any rate None. West Virginia... 6 6 Forft. excess of int. Wisconsin.. 7 10 Forft. entire interest. Wyoming 12 Any rate None. One hundred dollars borrowed at 6 per cent., with the interest compounded annually, will amount to $1,842 in fifty years, while the same SIOO borrowed at 8 per cent, will amount to $4,690 in fifty years. One thousand dollars at 10 per cent., compounded, will run up to $117,390 in fifty years.