Usury defined

1. Law
2. District of Columbia Code
3. Commercial Instruments and Transactions. [Enacted title]
4. Interest and Usury
5. Usury defined

If a person or corporation contracts in the District,

(1) verbally, to pay a greater rate of interest than 6% per annum, or

(2) in writing, to pay a greater rate than is permitted under section 28-3301, 28-3308, under Chapter 36 of this subtitle, or under § 26-301 et seq., the creditor shall forfeit the whole of the interest so contracted to be received.

This section does not affect sections 26-901 to 26-912 .

(Aug. 30, 1964, 78 Stat. 675, Pub. L. 88-509, § 1; Dec. 17, 1971, 85 Stat. 665, Pub. L. 92-200, § 2; May 12, 1998, D.C. Law 12-111, § 25(a), 45 DCR 1782.)

Prior Codifications

1981 Ed., § 28-3303.

1973 Ed., § 28-3303.

Cross References

Institutions of higher education, pleading usury as a defense, see § 28-3315.

Pawnbrokers, excessive consideration prohibited, see § 47-2884.10.

References in Text

Sections 26-901 to 26-912, referred to in the last paragraph of this section, refer to the Act of Feb. 4, 1913, as amended, and as translated to the 2001 edition. D.C. Law 18-378 amended and enacted into law Title 29.

Download our app to see the most-to-date content.