Sec. 37-1a. Payment of interest on commercial loans in excess of ten thousand dollars.
68 words·~1 min read·
/ct/title-37/chapter-673-interest/37-1aA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
On any loan in excess of ten thousand dollars made to any person, corporation, partnership or association engaged in commercial, manufacturing, industrial or nonconsumer pursuits the loan agreement may provide for the interest to be either paid currently or to accrue, and, if such interest is to accrue, such accrued interest may be added to the principal of the debt on which interest may be charged and collected.