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Usury laws are state laws that specify the maximum legal interest rate at which loans can be made. In the United States, the primary legal power to regulate usury rests primarily with the states. Each U.S. state has its own statute that dictates how much interest can be charged before it is considered usurious or unlawful. [77]
State anti-usury laws cannot be enforced on nationally chartered banks based in other states; only laws of state in which banks are located apply, and regulation of interest rates on national banks making interstate loans can only be enacted by Congress or the appropriate state legislature: Court membership; Chief Justice Warren E. Burger
National League of Cities v. Usery, 426 U.S. 833 (1976), was a case in which the Supreme Court of the United States held that the Fair Labor Standards Act could not constitutionally be applied to state governments.
Arizona usury law prohibits lending institutions to charge greater than 36% annual interest on a loan. [27] On July 1, 2010, a law exempting payday loan companies from the 36% cap expired. [32] State Attorney General Terry Goddard initiated Operation Sunset, which aggressively pursues lenders who violate the lending cap.
It argues the card’s interest rates—32.99% in May 2024—violate state usury laws, which cap interest rates on loan payments. (Synchrony told TIME it could not comment about that lawsuit.)
Under this doctrine, debt buyers may purchase loans from national banks and collect interest at the same rate as the original lender, regardless of the usury laws of the state they operate in. The doctrine entered common law during the 19th century and was codified in a final rule by the Office of the Comptroller of the Currency in 2020. [1]
Articles relating to usury, the practice of making unethical or immoral monetary loans that unfairly enrich the lender. The term may be used in a moral sense—condemning, taking advantage of others' misfortunes—or in a legal sense, where an interest rate is charged in excess of the maximum rate that is allowed by law.
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