Section 8-8-9 – Interest on Unauthorized Change Bills and Notes Not Exceeding $1.
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 […]
Section 8-8-10 – Interest on Money Judgments and Costs.
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.
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.
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.
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.
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 […]