§ 47-14-119. Choice of Laws
In any transaction otherwise subject to this chapter which is not subject to the disclosure requirements of the federal Consumer Credit Protection Act, where the transaction bears a reasonable relationship to this state and also to another state or nation, the parties may agree in the written contract evidencing such transaction that the laws of […]
§ 47-14-120. Time-Price Differential
The charging of a time-price differential shall not be deemed to bring a transaction within any regulation of interest, loans or loan charges, commitment fees, or brokerage commissions, regardless of whether the seller disposes of the contract containing the time-price differential pursuant to a prearranged agreement, on a recourse or nonrecourse basis, or otherwise. It […]
§ 47-14-121. Interest on Judgments — Rate
Except as set forth in subsection (c), the interest rate on judgments per annum in all courts, including decrees, shall: For any judgment entered between July 1 and December 31, be equal to two percent (2%) less than the formula rate per annum published by the commissioner of financial institutions, as required by § 47-14-105, […]
§ 47-14-106. Contracts for Applicable Formula Rates of Interest
Contracts to which the applicable formula rate provided in § 47-14-103(2) applies may provide for the payment of a fixed rate of interest, a variable rate of interest or any combination of fixed and variable rates in any sequence, subject to this section. A contract may provide for a fixed rate of interest: Permissible at […]
§ 47-14-107. Computation of Interest — Installment Loans
This chapter does not limit or restrict the manner or method of contracting for interest, whether by way of add-on, discount, or otherwise, so long as the maximum effective rate of interest does not exceed that authorized by statute. For installment loans, the maximum effective rate of interest shall: Be determined in accordance with the […]
§ 47-14-108. Prepayment of Loans — Contracts Restricting Prepayment of Loans
Except as limited by statutory provisions expressly applicable thereto, the privilege of prepayment of a loan, in whole or in part, and any refunds or premiums with respect thereto, shall be governed by contract between the parties. Any contract for a consumer loan that: Either prohibits prepayment or imposes a penalty for prepayment; and Is […]
§ 47-14-109. When Interest Accrues
Interest on negotiable and nonnegotiable instruments shall accrue according to the terms of the instrument; otherwise, interest on the instrument shall accrue as provided in § 47-3-112. Liquidated and settled accounts, signed by the debtor, shall bear interest from the time they become due, unless it is expressed that interest is not to accrue until […]
§ 47-14-110. Usury as a Defense
A defendant sued for money may avoid the excess over lawful interest by pleading usury, setting forth the amount of such excess. In order to sustain a defense of usury, the burden is on the party claiming usury.
§ 47-14-111. Actions to Recover Usury
If usury has been paid, it may be recovered by action brought by the party from whom it was taken, or that party’s representative, or it may be subjected by any judgment creditor of such party to the satisfaction of that party’s debt.
§ 47-14-112. Usury a Misdemeanor — Penalty
The willful collection of usury is a Class A misdemeanor.