Section XIV-2
[Previous] [Next] [Up] [Top]Section XIV-2: Classification of loans and lenders - Licenses - Maximum rates of interest.
The Legislature shall have authority to classify loans and lenders, license and regulate lenders, define interest and fix maximum rates of interest; provided, however, in the absence of legislation fixing maximum rates of interest, all contracts for a greater rate of interest than ten percent(10%) per annum shall be deemed usurious; provided, further, that in contracts where no rate of interest is agreed upon, the rate shall not exceed six percent (6%) per annum.[Previous] [Next] [Up] [Top]