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Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

National Usury Act

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

A bill to provide that no person may charge interest at a rate which is greater than 10 percent per annum on loans exceeding $300, and for other purposes.

Actions Overview (1)

Date Actions Overview
03/26/1980Introduced in House

All Actions (2)

Date All Actions
03/26/1980Referred to House Committee on Banking, Finance and Urban Affairs.
Action By: House of Representatives
03/26/1980Introduced in House
Action By: House of Representatives

Cosponsors (24)

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Banking, Finance, and Urban Affairs03/26/1980 Referred to

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Subjects (5)

Latest Summary (1)

There is one summary for H.R.6944. View summaries

Shown Here:
Introduced in House (03/26/1980)

National Usury Act - Establishes the legal rate of interest at ten percent per year. Provides that, except with respect to loans of less than $2,500 made by petty loan companies or credit unions: (1) any agreement to charge interest in excess of ten percent per year on a loan of more than $300 is void as to the excess interest which may be recovered by the borrower; and (2) any partial payment on a debt must be first applied to the interest due.

Prohibits the defense of usury in any action to recover on a debt. States that insurance premiums required to be paid under a secured loan agreement shall not be considered interest if the premiums do not exceed those charged under similar policies unrelated to loans. Sets forth provisions governing the application of the legal rate of interest to judgments.

Requires any person engaged in the business of financing loans on personal property sold by dealers to purchasers on credit to pay interest at five percent per year on any reserve withheld from the dealer under the contract for financing. States that any amount so withheld shall be due immediately upon the close of the loan account. Requires that dealers receive biannual reports on the status of their reserve accounts. Establishes a fine for violation of such provisions on dealer financing.

Requires the board of directors of any institution which deals in bills of exchange to fix the rates of exchange. Requires such rates to be publicly posted. Prohibits any officer of such an institution from deviating from the posted rate of exchange.

Sets forth provisions governing secured and unsecured installment loans given by banks, trust companies, and combined banks and trust companies.