2017 US Code
Title 12 - Banks and Banking
Chapter 2 - National Banks
Subchapter IV - Regulation of the Banking Business; Powers and Duties of National Banks
Sec. 86 - Usurious interest; penalty for taking; limitations
| 12 U.S.C. § 86 (2017) |
| §86. Usurious interest; penalty for taking; limitations |
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The taking, receiving, reserving, or charging a rate of interest greater than is allowed by section 85 of this title, when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon. In case the greater rate of interest has been paid, the person by whom it has been paid, or his legal representatives, may recover back, in an action in the nature of an action of debt, twice the amount of the interest thus paid from the association taking or receiving the same: Provided, That such action is commenced within two years from the time the usurious transaction occurred. |
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(R.S. §5198.) |
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CODIFICATION
R.S. §5198 (less last sentence) derived from act June 3, 1864, ch. 106, §30, 13 Stat. 108, which was the National Bank Act. See section 38 of this title. Section is based on R.S. §5198, less last sentence as added by act Feb. 18, 1875, ch. 80, §1, 18 Stat. 320, which is classified to section 94 of this title. |
| United States Code, 2012 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 2 - NATIONAL BANKS SUBCHAPTER IV - REGULATION OF THE BANKING BUSINESS; POWERS AND DUTIES OF NATIONAL BANKS Sec. 86 - Usurious interest; penalty for taking; limitations |
| section 86 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 13 Stat. 108 18 Stat. 320 |
