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USURY

Volume 20 · 190 words · 1823 Edition

an unlawful contract upon the loan of money, to receive the same again with exorbitant increase. Under the article Interest, it was observed, that by statute 37 Hen. VIII. c. 9. the rate of interest was fixed at 10l. per cent. per annum: which the statute 13 Eliz. c. 8. confirms, and ordains, that all brokers shall be guilty of a premunire who transact any contracts for more, and the securities themselves shall be void. The statute 21 Jac. I. c. 17. reduced interest to 8l. per cent.; and it having been lowered in 1650, during the usurpation, to 6 per cent. the same reduction was re-enacted after the Restoration by statute 12 Car. II. c. 13. and, lastly, the statute 12 Anne, st. 2. c. 16. has reduced it to 5 per cent. Wherefore not only all contracts for taking more are in themselves totally void, but also the lender shall forfeit treble the money borrowed. Also if any scrivener or broker take more than 5s. per cent. procuration-money, or more than 12d. for making a bond, he shall forfeit 20l. with costs, and shall suffer imprisonment for half-a-year.