usury laws

Definition

Laws created to prohibit the practice of usury. These laws regulate the maximum interest rates that can be set for loans, in order to protect borrowers.

Use usury laws in a sentence

I was not into usury laws and I also knew nothing about them, so I did not know if I was breaking one.

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You need to make sure that you are caught up on any usury laws and that you are always following them.

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Usury laws are laws that protect borrowers from excessively high interest rates in order to insure that a lender is not abusing the borrower or designing a situation where the lender will never be able to pay off the debt completely, thereby becoming a virtual slave to the lender in perpetuity.

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