Art 16 - Sec 11

Article 16 - GENERAL PROVISIONS Section 11 - USURY; RATE OF INTEREST IN ABSENCE OF LEGISLATION The Legislature shall have authority to 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 per centum (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 per centum (6%) per annum. (Amended Aug. 11, 1891, Nov. 8, 1960, and Nov. 6, 2001.)
TEMPORARY TRANSITION PROVISION