How many sections does Article 15 have? This article contains one section;
What does Article 15 relate to? It relates to usury.
What is the rate of allowable interest? Section 1 provides that the rate of interest upon the loan or forbearance of any money, goods, or things in action, or on accounts after demand, is 7 percent annually. But parties to any loan or forbearance of any money, goods or things in action may contract in writing for a rate of interest as specified in this section.
Can there be any additional charges levied? Section 1 prohibits any person, association, copartnership or corporation from charging any fee, bonus, commission, discount or other compensation receive from a borrower more than the interest authorized by this section upon any loan or forbearance of any money, goods or things in action.
What is the rate of interest for legal judgments? Section 1 provides that the rate of interest upon a judgment rendered in any court of this State is to be set by the Legislature at not more than 10 percent per annum. This rate may be variable and based upon interest rates charged by federal agencies or economic indicators, or both. In the absence of the setting of a rate by the Legislature, the rate of interest on any judgment rendered in any court of the State is 7 percent per annum.