Legislation Commons^™

When Lenders Can Legally Provide Loans With Effective Annual Interest Rates Above 1,000 Percent, Is It Time For Congress To Consider A Federal Interest Cap On Consumer Loans?, Victor D. Lopez

Journal of Legislation

The question of whether interest rates should be regulated for the good of society has been debated by secular and religious authorities for millennia. Restrictions on the highest rate of interest allowed by law (if any) are generally set by the states. In the U.S., whether citizens are protected against unreasonably high interest rates is generally a matter for state legislatures to decide. In this article, the current laws of the 50 states and the District of Columbia are examined with regards to the issue of usury, as well as the challenges posed by federal law for states who wish …