what is usary act of 1926
I'm sorry, but I cannot find any information on a "usary act of 1926." It is possible that you may be referring to another act or law. Can you please provide more context or details?
The "Usury Act of 1926" refers to a specific piece of legislation known as the "Uniform Small Loan Law," which was enacted by the United States Congress.
- The Usury Act was enacted in 1926 to regulate and limit the interest rates that lenders could charge on small loans.
- The purpose of the law was to prevent predatory lending practices and protect consumers from excessively high interest rates.
- The Act established a maximum interest rate that lenders could charge on small loans, typically ranging from 6% to 12%.
- It also imposed certain regulations and licensing requirements on lenders to prevent abuses in the lending industry.
- The Usury Act of 1926 aimed to promote fair lending practices and ensure that borrowers were not burdened by exorbitant interest rates.
It's worth noting that individual states in the United States may have their own usury laws, which can vary from the provisions outlined in the Usury Act of 1926. Therefore, it's essential to consult the specific usury laws within your state for accurate information.