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#2165869 - 02/26/18 06:55 PM Usary Law-Commercial Loan
mdog76 Offline
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Joined: Jan 2007
Posts: 645
Does Usary Law apply to Commercial loans or is it just a consumer protection?

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Lending Compliance
#2165871 - 02/26/18 07:10 PM Re: Usary Law-Commercial Loan mdog76
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,180
Toano, VA
Generally, usury protection is only afforded to individuals. It's state law, however, so every state can have whatever restrictions it wants...or none at all.
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#2165873 - 02/26/18 07:11 PM Re: Usary Law-Commercial Loan mdog76
mdog76 Offline
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Joined: Jan 2007
Posts: 645
And Usury law is based on the interest rate, not the APR correct?

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#2165874 - 02/26/18 07:12 PM Re: Usary Law-Commercial Loan mdog76
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,180
Toano, VA
It's totally up to your state government.
_________________________
...gone fishing.

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