2005 Connecticut Code - Sec. 37-5. Notes not to be accepted for greater amounts than loaned.

      Sec. 37-5. Notes not to be accepted for greater amounts than loaned. No person and no firm or corporation, or agent thereof, shall, with intent to evade the provisions of section 37-4, accept a note or notes for a greater amount than that actually loaned.

      (1949 Rev., S. 6780.)

      Unlawful intent as well as acceptance must be proved. 94 C. 148; 101 C. 558; 118 C. 4. Intent to violate statute as a matter of law. 130 C. 552. Cited. 113 C. 571; 117 C. 255; 120 C. 665; 123 C. 95; 126 C. 338. See notes to Secs. 37-4, 37-8. Transactions between plaintiff and defendant were sales of notes and contracts and not usurious even though interest exceeded 12%. 139 C. 424. Cited. 145 C. 465. Unless the difference between the actual amount of the loan and the face amount of the note are explained to show that interest does not exceed twelve per cent, the loan is per se usurious and in violation of section 37-4. 151 C. 21. Where lender was a seventy-eight-year old woman and borrower, an astute businessman, persuaded lender not to seek legal counsel and to accept his note in an usurious amount, held no intent to evade provisions of section 37-4. 153 C. 400, 406. Cited. 172 C. 395, 404. Cited. 188 C. 477, 480-482. Cited. 211 C. 613, 621.

      Cited. 6 CA 691, 697. Cited. 21 CA 131, 134-136.

      Cited. 1 CS 160. Does not apply to any loan made by any national bank or any state bank or trust company incorporated in Connecticut. 32 CS 245.