Section 8-8-1 Maximum rates of interest – Generally. Except as otherwise provided by law, the maximum rate of interest upon the loan or forbearance of money, goods, or things in action, except by written contract is $6 upon $100 for one year, and the rate of interest by written contract is not to exceed $8 […]
Section 8-8-1.1 Maximum rates of interest – Permitted under state or federal law. (a) Individuals, partnerships, banks, corporations, and other legal entities may, on any loans or extensions of credit made by them, charge or impose the same rate of interest or finance charge to the same extent and under the same circumstances and conditions […]
Section 8-8-1.2 Maximum rates of interest – Loans secured by savings accounts. Any savings and loan association located within the State of Alabama may charge on loans secured by savings accounts a rate of interest of not more than two percent per annum in excess of the rate of return payable on any such savings […]
Section 8-8-10 Interest on money judgments and costs. (a) Judgments for the payment of money, other than costs, if based upon a contract action, bear interest from the day of the cause of action, at the same rate of interest as stated in the contract; all other judgments shall bear interest at the rate of […]
Section 8-8-11 Application of partial payments to principal and interest. Except as provided in this section, when partial payments are made, the interest due is first to be paid and the balance applied to the payment of the principal. In the case of a judgment for child or spousal support, or a judgment for medical […]
Section 8-8-12 Enforcement of usurious contracts. (a) Except as otherwise permitted by law, all contracts for the payment of interest upon the loan or forbearance of goods, money, things in action, or upon any contract whatever at a higher rate than is prescribed in this chapter are usurious and cannot be enforced except as to […]
Section 8-8-13 Collection on notes, etc., discounted at higher rate of interest than eight percent. Except when otherwise permitted by law, any banker who discounts any note, bill of exchange, or draft at a higher rate of interest than eight percent per annum, not including the difference of exchange, cannot enforce the collection of the […]
Section 8-8-14 Interest surcharge on loans or credit sales; refunds; maximum interest rate indexed to prime rate; maximum interest rates for open-end credit plans. (a) In addition to other lawful charges under various state laws, and notwithstanding any restrictions thereunder, a legal licensed lending institution, a vendor making credit sales, any financial institution operating in […]
Section 8-8-15 Bad check charge; deemed not finance charge. (a) Any lender of money, extender of other credit, or merchant making a sale of merchandise, goods, or services, or the assignee of the lender, extender of credit, or merchant who receives a check, draft, negotiable order of withdrawal, or like instrument drawn on a bank […]
Section 8-8-2 Maximum rates of interest – Aggregation of principal and interest on loans at six percent and division into installments. It shall be lawful to lend money at six percent per annum or less, to aggregate principal and interest at the date of the loan for the entire period of the loan and to […]
Section 8-8-4 Maximum rates of interest – Loans, etc., of $100,000 or more to State Board of Education and trustees of state educational institutions. (a) The State Board of Education and the trustees of all state institutions where education is a part of the program of the institution as referred to in Section 16-3-28, when […]
Section 8-8-5 Maximum rates of interest – Loans, credit sales, etc., of $2,000 or more to individuals, corporations, trusts, partnerships, or associations. (a) Any person or persons, corporations, trust, general partnership or partnerships, limited partnership or partnerships, or association may agree to pay such rate or rates of interest for the loan or forbearance of […]
Section 8-8-6 Maximum rates of interest – Exemption of debts incurred pursuant to National Housing Act or veterans’ benefits. (a) All debts or extensions of credit incurred pursuant to any provision of the act of Congress known as the National Housing Act, as the same now exists or may hereafter be amended or supplemented, and […]
Section 8-8-7 Maximum rates of interest – Exemption of bonds, notes, etc., of state, instrumentalities, localities, etc. Any bonds, notes, warrants, other evidences of indebtedness, or securities issued by the State of Alabama or any department, agency, or instrumentality thereof, by any not-for-profit public or private corporation at any time organized or created pursuant to […]
Section 8-8-8 Interest accrues on breach of contract. All contracts, express or implied, for the payment of money, or other thing, or for the performance of any act or duty bear interest from the day such money, or thing, estimating it at its money value, should have been paid, or such act, estimating the compensation […]
Section 8-8-9 Interest on unauthorized change bills and notes not exceeding $1. All change bills and notes for a sum not exceeding $1 issued or circulated in this state without authority of law bear interest at the rate of 100 percent per annum from the day of their date, time of issue or circulation, and […]
