Usury Act 1660
| Act of Parliament | |
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| Long title | An Act for restraining the taking of Excessive Usury. |
|---|---|
| Citation | 12 Cha. 2. c. 13 |
| Territorial extent | England and Wales |
| Dates | |
| Royal assent | 29 August 1660 |
| Commencement | 29 September 1660[a] |
| Repealed | 10 August 1854 |
| Other legislation | |
| Amends | Usury Act 1623 |
| Amended by |
|
| Repealed by | Usury Laws Repeal Act 1854 |
| Relates to |
|
Status: Repealed | |
| Text of statute as originally enacted | |
The Usury Act 1660 was an act of the Parliament of England (12 Cha. 2. c. 13) with the long title "An Act for restraining the taking of Excessive Usury".[1]
The purpose of the act was to reduce the maximum interest rate from 8% (imposed in 1624 by the Usury Act 1623 (21 Jas. 1. c. 17)) to 6%. The legislation had been enacted in 1651 under the Commonwealth, but this act was passed to confer legality on the measure following the Restoration of Charles II.[2]
Subsequent developments
The act was. confirmed by section 1 of the Confirmation of Acts (No. 3) Act 1661 (13 Cha. 2. St. 1. c. 14).
The act was amended by the Usury Act 1714 (13 Ann. c. 15), which further reduced the interest rate to 5%; the Usury Act 1840 (3 & 4 Vict. c. 83); the Usury Act 1841 (4 & 5 Vict. c. 54); the Usury Act 1843 (6 & 7 Vict. c. 45); the Usury Act 1845 (8 & 9 Vict. c. 102); and the Usury Act 1850 (13 & 14 Vict. c. 56).
The whole act was repealed by section 1 of, and the schedule to, the Usury Laws Repeal Act 1854 (17 & 18 Vict. c. 90).
Notes
- ^ Section 1.
References
- ^ 'Charles II, 1660: An Act for restraining the taking of Excessive Usury.', Statutes of the Realm: volume 5: 1628-80 (1819), pp. 236-37. URL: http://www.british-history.ac.uk/report.asp?compid=47261. Date accessed: 07 March 2007.
- ^ 'Book 1, Ch. 14: From the Restoration to the Fire', A New History of London: Including Westminster and Southwark (1773), pp. 210-30. URL: http://www.british-history.ac.uk/report.asp?compid=46731. Date accessed: 07 March 2007.