Act of Parliament | |
Long title | An Act for restraining the taking of Excessive Usury. |
---|---|
Citation | 12 Cha. 2. c. 13 |
Dates | |
Royal assent | 29 August 1660 |
Commencement | 25 April 1660 |
Other legislation | |
Amends | Usury Act 1623 |
Amended by | |
Repealed by | Usury Laws Repeal Act 1854 |
Status: Repealed | |
Text of statute as originally enacted |
The Usury Act 1660 was an Act of the Parliament of England ( 12 Cha. 2. c. 13) with the long title "An Act for restraining the taking of Excessive Usury". [1]
The purpose of the Act was to reduce the maximum interest rate from 8% (imposed in 1624 by the Usury Act 1623 ( 21 Jas. 1. c. 17)) to 6%. The legislation had been enacted in 1651 under the Commonwealth, but this Act was passed to confer legality on the measure following the Restoration of Charles II. [2]
It was amended by the Usury Act 1714 ( 13 Ann. c. 15), which further reduced the interest rate to 5%; the Usury Act 1840 ( 3 & 4 Vict. c. 83); the Usury Act 1841 ( 4 & 5 Vict. c. 54); the Usury Act 1843 ( 6 & 7 Vict. c. 45); the Usury Act 1845 ( 8 & 9 Vict. c. 102); and the Usury Act 1850 ( 13 & 14 Vict. c. 56). It was repealed by section 1 of the Usury Laws Repeal Act 1854 ( 17 & 18 Vict. c. 90); the last Act is also known as An Act to repeal the Laws relating to Usury and to the Enrolment of Annuities.
Act of Parliament | |
Long title | An Act for restraining the taking of Excessive Usury. |
---|---|
Citation | 12 Cha. 2. c. 13 |
Dates | |
Royal assent | 29 August 1660 |
Commencement | 25 April 1660 |
Other legislation | |
Amends | Usury Act 1623 |
Amended by | |
Repealed by | Usury Laws Repeal Act 1854 |
Status: Repealed | |
Text of statute as originally enacted |
The Usury Act 1660 was an Act of the Parliament of England ( 12 Cha. 2. c. 13) with the long title "An Act for restraining the taking of Excessive Usury". [1]
The purpose of the Act was to reduce the maximum interest rate from 8% (imposed in 1624 by the Usury Act 1623 ( 21 Jas. 1. c. 17)) to 6%. The legislation had been enacted in 1651 under the Commonwealth, but this Act was passed to confer legality on the measure following the Restoration of Charles II. [2]
It was amended by the Usury Act 1714 ( 13 Ann. c. 15), which further reduced the interest rate to 5%; the Usury Act 1840 ( 3 & 4 Vict. c. 83); the Usury Act 1841 ( 4 & 5 Vict. c. 54); the Usury Act 1843 ( 6 & 7 Vict. c. 45); the Usury Act 1845 ( 8 & 9 Vict. c. 102); and the Usury Act 1850 ( 13 & 14 Vict. c. 56). It was repealed by section 1 of the Usury Laws Repeal Act 1854 ( 17 & 18 Vict. c. 90); the last Act is also known as An Act to repeal the Laws relating to Usury and to the Enrolment of Annuities.