Amendments to the Usury Law

Ask AI

Act No. 3291: Amendments to the Usury Law

Getting related questions...
What do you want to know about the law?
Your conversations and searches stay on your device. We do not store or track your activity on our servers. To know more about our privacy commitment see jur.ph/privacy Ask AI provides quick answers grounded in full case texts to avoid mistakes. Always verify with the original text.

Ask AI

Title Supreme Court: Amendments to the Usury Law

Law: Act No. 3291

Decision Date: Dec 2, 1926

An amendment to the Usury Law in the Philippines sets maximum interest rates for loans secured by real estate and prohibits compound interest, allowing borrowers to recover excess interest within two years, while voiding contracts with higher interest rates, except in cases of clerical errors or the purchase of negotiable mercantile paper by an innocent purchaser, and does not apply to pending transactions or obligations made before its approval.

amendments

maximum interest rates

loans

END