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Of Usury, from Brant's Stultifera Navis (Ship of Fools), 1494; woodcut attributed to Albrecht Dürer. Usury (/ ˈ j uː ʒ ər i /) [1] [2] is the practice of making loans that are seen as unfairly enriching the lender. The term may be used in a moral sense—condemning taking advantage of others' misfortunes—or in a legal sense, where an ...
Usury laws protect borrowers in many states and some borrowers nationwide from being charged excessively high interest rates. However, state standards for excessive interest vary widely, and ...
When a non-Jew was involved, Maimonides argues that interest could be charged; indeed, Maimonides argues that it was compulsory to charge interest on loans to non-Jews, but he also suggests that such loans should be restricted to being within narrow limits, to avoid the lender becoming so keen on usury that they practice it against other Jews. [6]
Articles relating to usury, the practice of making unethical or immoral monetary loans that unfairly enrich the lender. The term may be used in a moral sense—condemning, taking advantage of others' misfortunes—or in a legal sense, where an interest rate is charged in excess of the maximum rate that is allowed by law.
Vix pervenit is an encyclical, promulgated by Pope Benedict XIV on November 1, 1745, which condemned the practice of charging interest on loans as usury.Because the encyclical was addressed to the bishops of Italy, it is generally not considered ex cathedra.
State anti-usury laws cannot be enforced on nationally chartered banks based in other states; only laws of state in which banks are located apply, and regulation of interest rates on national banks making interstate loans can only be enacted by Congress or the appropriate state legislature: Court membership; Chief Justice Warren E. Burger
With intellectual roots in ancient Greek philosophy, it was advanced by Thomas Aquinas based on an argument against usury, which in his time referred to the making of any rate of interest on loans. It gave rise to the contractual principle of laesio enormis .
Where a personal remedy is awarded, the defendant is ordered to pay the money value of the benefit received. This personal money award is the typical form of restitution ordered. Where a proprietary remedy is awarded, the court recognises (or declares) that the defendant has a beneficial or security interest in specific property of the ...