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U.S. Code, Title 12, Banks and Banking
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General SummaryThe U.S. Code is a consolidation and codification by subject matter of the general and permanent laws of the United States. While every effort has been made to ensure that this reproduction of the Code is accurate, those using it for legal purposes should verify their results against the printed version of the Code available through the Government Printing Office.
§ 86. Usurious Interest; Penalty for Taking; Limitations
The taking, receiving, reserving, or charging a rate of interest greater than is allowed by section 85 of this title, when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon. In case the greater rate of interest has been paid, the person by whom it has been paid, or his legal representatives, may recover back, in an action in the nature of an action of debt, twice the amount of the interest thus paid from the association taking or receiving the same: Provided, That such action is commenced within two years from the time the usurious transaction occurred.
(R.S. § 5198.)
Codification
R.S. § 5198 (less last sentence) derived from act June 3, 1864, ch. 106, § 30, 13 Stat. 108, which was the National Bank Act. See section 38 of this title.
Section is based on R.S. § 5198, less last sentence as added by act Feb. 18, 1875, ch. 80, § 1, 18 Stat. 320, which is classified to section 94 of this title.
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Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 86. Usurious Interest; Penalty for Taking; Limitations," U.S. Code, Title 12, Banks and Banking in U.S. Code, Title 12, Banks and Banking (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed January 2, 2025, http://originalsources.com/Document.aspx?DocID=UW7VDFUX7L7RZNW.
MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 86. Usurious Interest; Penalty for Taking; Limitations." U.S. Code, Title 12, Banks and Banking, in U.S. Code, Title 12, Banks and Banking, Washington, D.C., Government Printing Office, 2002, Original Sources. 2 Jan. 2025. http://originalsources.com/Document.aspx?DocID=UW7VDFUX7L7RZNW.
Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 86. Usurious Interest; Penalty for Taking; Limitations' in U.S. Code, Title 12, Banks and Banking. cited in 2002, U.S. Code, Title 12, Banks and Banking, Government Printing Office, Washington, D.C.. Original Sources, retrieved 2 January 2025, from http://originalsources.com/Document.aspx?DocID=UW7VDFUX7L7RZNW.
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