Amendment to Usury Law on Interest Rates

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Act No. 3998: Amendment to Usury Law on Interest Rates

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Title Source: Supreme Court: Amendment to Usury Law on Interest Rates

Law: Act No. 3998

Decision Date: Dec 5, 1932

An amendment to Act No. 2655, the Usury Law, was enacted in 1932 to regulate interest rates, establish maximum rates for loans and pawnbrokers, allow for the recovery of excessive interest payments, void contracts with usurious rates, and impose penalties for violations of the law.

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