Chapter LIX. *to amend the Usury Laws of the District of Columbia*
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CHAP. LIX.— An Act *to amend the Usury Laws of the District of Columbia*. April 22, 1870. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, Rate of interest in the District of Columbia to be six per cent per annum, except, &c. That the rate of interest upon judgments or decrees, and upon the loan or forbearance of any money, goods, or things in action, shall continue to be six dollars upon one hundred dollars for one year, and after that rate for a greater or less sum, or for a longer or shorter time, except as hereinafter provided.
Sec. 2. *And be it further enacted*, That in all contracts hereafter to beParties may agree in writing to pay ten per cent, per annum or any less sum. made it shall be lawful for the parties to stipulate or agree in writing that the rate of ten per cent, per annum, or any less sum, of interest shall be taken and paid upon every one hundred dollars of money loaned, or in any manner due and owing from any person or corporation in this District. Sec. 3. *And be it further enacted*, That if any person or corporation inPenalty for contracting to receive greater rate; this District shall contract to receive a greater rate of interest than ten per cent, upon any contract in writing, or six per cent, upon any verbal contract, such person or corporation shall forfeit the whole of said interest so contracted to be received, and shall be entitled only to recover the principal sum due to such person or corporation.
Sec. 4. *And be it further enacted*, That if any person or corporationfor receiving greater rate. within the District of Columbia shall directly or indirectly take or receive any greater amount of interest than is provided for in this act, upon any contract or agreement whatever, it shall be lawful for the person, or his personal representative, or the corporation paying the same, to sue for and recover all the interest paid upon any such contract or agreement fromInterest paid may be recovered by a suit, if brought within a year. the person or his personal representatives, or from the corporation receiving such unlawful interest: *Provided*, That the suit to recover back such interest shall be brought within one year after such unlawful interest shall have been paid or taken.
Sec. 5. *And be it further enacted*, That nothing in this act containedNothing herein to affect banking associations.1864, ch. 106.Vol. xiii. p. 99. shall be construed to change the general laws in force in relation to banking associations organized under the act to provide a national currency secured by a pledge of United States bonds and to provide for the circulation and redemption thereof, approved June three, eighteen hundred and sixty-four. Approved, April 22, 1870.