Usury Act 1660
| Act of Parliament | |
 | |
| Long title | An Act for restraining the taking of Excessive Usury. |
|---|---|
| Citation | 12 Cha. 2. c. 13 |
| Dates | |
| Royal assent | 29 August 1660 |
| Commencement | 25 April 1660 |
| Other legislation | |
| Amends | Usury Act 1623 |
| Amended by | |
| Repealed by | Usury Laws Repeal Act 1854 |
Status: Repealed | |
| Text of statute as originally enacted | |
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 It was repealed by section 1 of the Usury Laws Repeal Act 1854 (17 & 18 Vict.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
[edit]- ^ '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.
- ^ '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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