Title 12 — Banks and Banking
Chapter 2 — National Banks
§ 86. Usurious interest; penalty for taking; limitations
Statutory text
The taking, receiving, reserving, or charging a rate of interest greater than is allowed by section 85 of this title, when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon. In case the greater rate of interest has been paid, the person by whom it has been paid, or his legal representatives, may recover back, in an action in the nature of an action of debt, twice the amount of the interest thus paid from the association taking or receiving the same: Provided, That such action is commenced within two years from the time the usurious transaction occurred.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
(R.S. § 5198.)
Enacted · 12 U.S.C. § 86
(R.S. § 5198.)
Unresolved: No Public Law or Statutes at Large citation in the Code source.
Source evidence
Code source credit
(R.S. § 5198.)
0 of 1 references resolved to an enrolled provision · 1 unresolved
Editorial Notes
Codification
R.S. § 5198 (less last sentence) derived from act June 3, 1864, ch. 106, § 30, 13 Stat. 108, which was the National Bank Act. See section 38 of this title.
Section is based on R.S. § 5198, less last sentence as added by act Feb. 18, 1875, ch. 80, § 1, 18 Stat. 320, which is classified to section 94 of this title.
Credits
(R.S. § 5198.)