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| long_title = An Act for restraining the taking of Excessive Usury.
| long_title = An Act for restraining the taking of Excessive Usury.
| year = 1660
| year = 1660
| citation = 12 Cha 2 c 13
| citation = [[12 Cha. 2]]. c. 13
| introduced_commons =
| introduced_commons =
| introduced_lords =
| introduced_lords =
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The '''Usury Act 1660''' was an [[Act of Parliament|Act]] of the [[Parliament of England]] (12 Cha. 2. c. 13) with the [[long title]] "An Act for restraining the taking of Excessive [[Usury]]".<ref>'Charles II, 1660: An Act for restraining the taking of Excessive Usury.', Statutes of the Realm: volume 5: 1628-80 (1819), pp. 236-37. URL: http://www.british-history.ac.uk/report.asp?compid=47261. Date accessed: 07 March 2007.</ref>
The '''Usury Act 1660''' was an [[Act of Parliament|Act]] of the [[Parliament of England]] ([[12 Cha. 2]]. c. 13) with the [[long title]] "An Act for restraining the taking of Excessive [[Usury]]".<ref>'Charles II, 1660: An Act for restraining the taking of Excessive Usury.', Statutes of the Realm: volume 5: 1628-80 (1819), pp. 236-37. URL: http://www.british-history.ac.uk/report.asp?compid=47261. Date accessed: 07 March 2007.</ref>


The purpose of the Act was to reduce the maximum [[interest rate]] from 8% (imposed in 1624 by the [[Usury Act 1623]] (21 Jas. 1, c. 17)) to 6%. The legislation had been enacted in 1651 under the [[Commonwealth of England|Commonwealth]], but this Act was passed to confer legality on the measure following the [[English Restoration|Restoration]] of [[Charles II of England|Charles II]].<ref>'Book 1, Ch. 14: From the Restoration to the Fire', A New History of London: Including Westminster and Southwark (1773), pp. 210-30. URL: http://www.british-history.ac.uk/report.asp?compid=46731. Date accessed: 07 March 2007.</ref>
The purpose of the Act was to reduce the maximum [[interest rate]] from 8% (imposed in 1624 by the [[Usury Act 1623]] ([[21 Jas. 1]]. c. 17)) to 6%. The legislation had been enacted in 1651 under the [[Commonwealth of England|Commonwealth]], but this Act was passed to confer legality on the measure following the [[English Restoration|Restoration]] of [[Charles II of England|Charles II]].<ref>'Book 1, Ch. 14: From the Restoration to the Fire', A New History of London: Including Westminster and Southwark (1773), pp. 210-30. URL: http://www.british-history.ac.uk/report.asp?compid=46731. Date accessed: 07 March 2007.</ref>


It was amended by the [[Usury Act 1714]] (13 Ann., c. 15), which further reduced the interest rate to 5%; the [[Usury Act 1840]] (3 & 4 Vict., c. 83); the [[Usury Act 1841]] (4 & 5 Vict., c. 54); the [[Usury Act 1843]] (6 & 7 Vict., c. 45); the [[Usury Act 1845]] (8 & 9 Vict., c. 102); and the [[Usury Act 1850]] (13 & 14 Vict., c. 56). It was repealed by section 1 of the [[Usury Laws Repeal Act 1854]] (17 & 18 Vict., c. 90); the last Act is also known as ''An Act to repeal the Laws relating to Usury and to the Enrolment of Annuities''.
It was amended by the [[Usury Act 1714]] ([[13 Ann.]] c. 15), which further reduced the interest rate to 5%; the [[Usury Act 1840]] ([[3 & 4 Vict.]] c. 83); the [[Usury Act 1841]] ([[4 & 5 Vict.]] c. 54); the [[Usury Act 1843]] ([[6 & 7 Vict.]] c. 45); the [[Usury Act 1845]] ([[8 & 9 Vict.]] c. 102); and the [[Usury Act 1850]] ([[13 & 14 Vict.]] c. 56). It was repealed by section 1 of the [[Usury Laws Repeal Act 1854]] ([[17 & 18 Vict.]] c. 90); the last Act is also known as ''An Act to repeal the Laws relating to Usury and to the Enrolment of Annuities''.


==References==
==References==

Revision as of 18:31, 19 June 2023

Usury Act 1660
Act of Parliament
Parliament of England
Long titleAn Act for restraining the taking of Excessive Usury.
Citation12 Cha. 2. c. 13
Dates
Royal assent29 August 1660
Commencement25 April 1660
Other legislation
AmendsUsury Act 1623
Amended by
Repealed byUsury Laws Repeal Act 1854
Status: Repealed

The Usury Act 1660 was an Act of the Parliament of England (12 Cha. 2. c. 13) with the long title "An Act for restraining the taking of Excessive Usury".[1]

The purpose of the Act was to reduce the maximum interest rate from 8% (imposed in 1624 by the Usury Act 1623 (21 Jas. 1. c. 17)) to 6%. The legislation had been enacted in 1651 under the Commonwealth, but this Act was passed to confer legality on the measure following the Restoration of Charles II.[2]

It was amended by the Usury Act 1714 (13 Ann. c. 15), which further reduced the interest rate to 5%; the Usury Act 1840 (3 & 4 Vict. c. 83); the Usury Act 1841 (4 & 5 Vict. c. 54); the Usury Act 1843 (6 & 7 Vict. c. 45); the Usury Act 1845 (8 & 9 Vict. c. 102); and the Usury Act 1850 (13 & 14 Vict. c. 56). It was repealed by section 1 of the Usury Laws Repeal Act 1854 (17 & 18 Vict. c. 90); the last Act is also known as An Act to repeal the Laws relating to Usury and to the Enrolment of Annuities.

References

  1. ^ 'Charles II, 1660: An Act for restraining the taking of Excessive Usury.', Statutes of the Realm: volume 5: 1628-80 (1819), pp. 236-37. URL: http://www.british-history.ac.uk/report.asp?compid=47261. Date accessed: 07 March 2007.
  2. ^ 'Book 1, Ch. 14: From the Restoration to the Fire', A New History of London: Including Westminster and Southwark (1773), pp. 210-30. URL: http://www.british-history.ac.uk/report.asp?compid=46731. Date accessed: 07 March 2007.


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