( Originally Published Early 1900's )
Interest Rates of the Western States and Territories, New York and Canada, and Consequences of Taking Usurious Rates. The following rates of interest and consequences of taking usury, was collected. by the Ledger, of Philadelphia, a very reliable source, and will show any one at a glance where they can obtain the largest interest for money they wish to invest in any considerable amounts :
California—Ten per cent after a debt becomes due, but parties may agree upon any interest whatever, simple or compound.
Colorado—Ten per cent on money loaned.
Dakota—Seven per cent. Parties may contract for a rate of interest not ,exceeding 12. Usury (illegal or exhorbitant interest) forfeits all the interest taken.
Idaho Territory—Ten per cent. Parties may agree in writing for any rate not exceeding 2 per cent per month. Penalty for greater rate is 3 times the amount paid, fine of $360, or 6 months' imprisonment, or both.
Illinois—Six per cent, but parties may agree in writing for 10. Penalty for usury forfeits the entire interest.
Indiana—Six per cent. Parties may agree in writing for any rate not exceeding 10. Beyond that rate is illegal as to the excess only.
Iowa—Six per cent. Parties may agree in writing for 10. A higher rate works a forfeiture of 10 per cent.
Kansas—Seven per cent. Parties may agree for 12. Usury forfeits the ,excess.
Michigan—Seven per cent. Parties may contract for any rate not exceeding 10.
Minnesota—Seven per cent. Parties may contract to pay as high as 12, in writing but contract for higher rate is void as to the excess.
Missouri— Six per cent. Contract in writing may be made for 10. The penalty of usury is forfeiture of the interest at 10 per cent.
Montana—Parties may stipulate for any rate of interest.
Nebraska—Ten per cent, or any rate on express contract not greater than 12. Usury prohibits the recovery of any interest on the principal.
Nevada—Ten per cent. Contract in writing may be paid for the payment of any other rate.
New Mexico Territory—Six per cent, but parties may agree upon any rate. New York—Seven per cent. Usury is a misdemeanor, punishable by a fine of $1,000 or 6 months' imprisonment, or both, and forfeits the principal, even in the hands of third parties.
Ohio—Six per cent. Contract in writing may be for 8. No penalty attached for violation of law. If contract is for a higher rate than 8 it is void as to interest, and recovery is limited to principal and 6 per cent.
Oregon—Ten per cent. Parties may agree on 12.
Utah Territory—Ten per cent. No usury laws. Any rate may bp agreed on. Washington Territory—Ten per cent. Any rate agreed upon in writing is valid.
Wisconsin—Seven per cent. Parties may contract in writing for 10. No
Interest can be computed on interest. Usury forfeits all the interest paid. Wyoming Territory—Twelve per cent, but any rate may be agreed upon in writing.
Ontario—Six per cent, but parties may agree upon any rate
Quebec—Six per cent, but any rate may be stipulated for.