D.C. Code § 28-3303

Current through codified legislation effective September 18, 2024

Section 28-3303 - Usury defined

If a person or corporation contracts in the District,

(1) verbally, to pay a greater rate of interest than 6% per annum, or

(2) in writing, to pay a greater rate than is permitted under section 28-3301, 28-3308, under Chapter 36 of this subtitle, or under § 26-301 et seq., the creditor shall forfeit the whole of the interest so contracted to be received.

This section does not affect sections 26-901 to 26-912.

D.C. Code § 28-3303

Aug. 30, 1964, 78 Stat. 675, Pub. L. 88-509, § 1; Dec. 17, 1971, 85 Stat. 665, Pub. L. 92-200, § 2; May 12, 1998, D.C. Law 12-111, § 25(a), 45 DCR 1782.

Institutions of higher education, pleading usury as a defense, see § 28-3315. Pawnbrokers, excessive consideration prohibited, see § 47-2884.10. .