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usury law

maximum amount of interest is controlled by law

Usury is charging exorbitant amounts of interest. In general, our culture has made interest rates of a certain high level illegal (and immoral). Charging above the maximum percent rate is usury. What the rate actually is typically depends on state law and usury percentages do vary. Usury laws exist because unscrupulous lenders have used borrowers desperation for money to take advantage of them. Even though it is illegal to “own” a person, high interest rates do impose a form of ‘financial slavery.’ Super high interest rates often guarantee that a loan can never be repaid. Exorbitant levels of interest are a form of abuse. Usury is charging a higher-than-legal (or moral) interest rate.

Multiple Choice Question

usury law
A maximum amount of interest is controlled by law
B using a person like a slave is illegal
C written report where appraiser states opinion of value
D charging as much interest as a person will pay

Correct Answer: a

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