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Authors: Anthony Org
Type: Amendment to an Act of Parliament
Preamble: As the financial sector continues to grow we must protect the consumers from predatory interest rates.
1. Short Title and Enactment
(a) This bill shall be referred to as the “Usury Prevention Act”.
(b) This bill was authored by Anthony Org
(c) This Act comes into force immediately upon passage.
(d) Loans contracted before enactment are grandfathered in and are not considered Usurious
2. Amendments
(a) Section 9 of the New Criminal Code Act shall be amended as follows:
(f) Usury
(i) Offense Type: Felony
(ii) Penalty: up to 30 minutes jail time; $1,000 fine; full restitution of usurious interest
(iii) A person commits an offense if the person:
(1) Demands, receives, or contracts for interest, fees, or charges exceeding 15% per month in any lending or credit agreement with an individual or business.
(iv) Fees charged solely for late payment shall not be counted when calculating the effective monthly interest rate, provided such fees are fixed in amount and not structured to evade the prohibitions of this section.
Type: Amendment to an Act of Parliament
A
BILL
TO
Criminalize Usury
BILL
TO
Criminalize Usury
Preamble: As the financial sector continues to grow we must protect the consumers from predatory interest rates.
1. Short Title and Enactment
(a) This bill shall be referred to as the “Usury Prevention Act”.
(b) This bill was authored by Anthony Org
(c) This Act comes into force immediately upon passage.
(d) Loans contracted before enactment are grandfathered in and are not considered Usurious
2. Amendments
(a) Section 9 of the New Criminal Code Act shall be amended as follows:
(f) Usury
(i) Offense Type: Felony
(ii) Penalty: up to 30 minutes jail time; $1,000 fine; full restitution of usurious interest
(iii) A person commits an offense if the person:
(1) Demands, receives, or contracts for interest, fees, or charges exceeding 15% per month in any lending or credit agreement with an individual or business.
(iv) Fees charged solely for late payment shall not be counted when calculating the effective monthly interest rate, provided such fees are fixed in amount and not structured to evade the prohibitions of this section.
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