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Interest Rates Laws in Connecticut Code SectionGeneral Statutes of Connecticut Title 37-1, et seq.: InterestLegal Maximum Rate of Interest12% (§37-4)Penalty for Usury (Unlawful Interest Rate)Loan is not enforceable (§36a-573)Interest Rates on JudgmentsAbsent agreement to contrary, 8% (§37-1)1 more row
Pennsylvania interest rates laws, for instance, cap interest at 6 percent. Laws limiting the amount of interest often are called "usury" laws.
Maximum Chargeable Interest Type of loanRegulated Maximum InterestCurrent Maximum Interest *Home Loan(Repo rate + 12%) per year15.5% per yearUnsecured Loan(Repo rate + 21%) per year23.5% per yearShort-term Loan5% per month on the first loan, 3% per month on the second loan
An interest rate that exceeds the legal rate of interest is classified as usury. There are usually stiff penalties for usury in most states, such as fines or even the forfeiture of principal and/or interest.
2005 revision authorizes award of postjudgment interest at an annual rate of up to 10 per cent and does not restrict discretion of the trial court to choose any rate within that range or limit the trial court to a consideration of specific factors not enumerated in section; the legal duty to pay postjudgment interest ...
There is no federal regulation on the maximum interest rate that your issuer can charge you, though each state has its own approach to limiting interest rates. State usury laws often dictate the highest interest rate that can be charged on loans, but these often don't apply to credit card loans.
Whenever the maker of any contract is a resident of another state or the mortgage security is located in another state, any obligee or holder of such contract, residing in this state, may lawfully recover any agreed rate of interest or damages on such contract until it is fully performed, not exceeding the legal rate ...
Charging Exorbitant Interest by the Money Lenders is prohibited. As per Government Notification dated 28-9-2003, they shall not charge more than 14% (for secured) and 16% (for unsecured loans).