§ 85. Rate of interest on loans, discounts and purchases
2,239 words·~10 min read·
/usc/title-12/section-85A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any association may take, receive, reserve, and charge on any loan or discount made, or upon any notes, bills of exchange, or other evidences of debt, interest at the rate allowed by the laws of the State, Territory, or District where the bank is located, or at a rate of 1 per centum in excess of the discount rate on ninety-day commercial paper in effect at the Federal reserve bank in the Federal reserve district where the bank is located, whichever may be the greater, and no more, except that where by the laws of any State a different rate is limited for banks organized under State laws, the rate so limited shall be allowed for associations organized or existing in any such State under title 62 of the Revised Statutes.
When no rate is fixed by the laws of the State, or Territory, or District, the bank may take, receive, reserve, or charge a rate not exceeding 7 per centum, or 1 per centum in excess of the discount rate on ninety day commercial paper in effect at the Federal reserve bank in the Federal reserve district where the bank is located, whichever may be the greater, and such interest may be taken in advance, reckoning the days for which the note, bill, or other evidence of debt has to run.
The maximum amount of interest or discount to be charged at a branch of an association located outside of the States of the United States and the District of Columbia shall be at the rate allowed by the laws of the country, territory, dependency, province, dominion, insular possession, or other political subdivision where the branch is located. And the purchase, discount, or sale of a bona fide bill of exchange, payable at another place than the place of such purchase, discount, or sale, at not more than the current rate of exchange for sight drafts in addition to the interest, shall not be considered as taking or receiving a greater rate of interest.
(R.S. § 5197; June 16, 1933, ch. 89, § 25, 48 Stat. 191; Aug. 23, 1935, ch. 614, title III, § 314, 49 Stat. 711; Pub. L. 93–501, title II, § 201, Oct. 29, 1974, 88 Stat. 1558; Pub. L. 96–104, title I, § 101, Nov. 5, 1979, 93 Stat. 789; Pub. L. 96–161, title II, § 201, Dec. 28, 1979, 93 Stat. 1235; Pub. L. 96–221, title V, § 529, Mar. 31, 1980, 94 Stat. 168.)
Connections122 cite this · traces to 5
Cited by 122 sections · top 59
U.S. Code
- § 1828Regulations governing insured depository institutions
- § 1811Federal Deposit Insurance Corporation
- § 1785Requirements governing insured credit unions
- § 1831uInterstate bank mergers
- § 687Operation and regulation of companies
- § 1831dState-chartered insured depository institutions and insured branches of foreign banks
- § 25bState law preemption standards for national banks and subsidiaries clarified
- § 1735f–7aState constitution or laws limiting mortgage interest, discount points, and finance or other charges; exemption for obligations made after March 31, 1980
- § 86Usurious interest; penalty for taking; limitations
CFR
- § 7.4002National bank charges.
- § 7.4001Charging interest by national banks at rates permitted competing institutions; charging interest to corporate borrowers.
- § 7.4008Lending by national banks.
- § 34.4Applicability of state law.
- § 7.5009Location under 12 U.S.C. 85 of national banks operating exclusively through the Internet.
- § 331.1Authority, purpose, and scope.
statutes-at-large
- Public Law 96–104To authorize on a temporary basis certain business and agricultural loans, notwithstanding interest limitations in State constitutions or statutes, and for other purposes
- Public Law 93–500
- Public Law 96–221To facilitate the implementation of monetary policy, to provide for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts, and to authorize interest-bearing transaction accounts, and for other purposes
- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
- Public Law 96–161To authorize automatic transfer accounts at commercial banks, remote service units at Federal savings and loan associations, and share draft accounts at Federal credit unions during the period beginning on December 31, 1979, and ending on April 1, 1980
register
- Proposed RulesNotice of proposed rulemaking
- Proposed RulesNotice of proposed rulemaking
- Rules and RegulationsNotice of proposed rulemaking
- Rules and RegulationsFinal rule
- Rules and RegulationsNotice of proposed rulemaking
- Proposed RulesNotice of proposed rulemaking
- Proposed RulesAdvance notice of proposed rulemaking
- Proposed RulesProposed rule
- Presidential DocumentsFinal rule
- NoticesNotice and request for comment
- Rules and RegulationsNotice
- Proposed RulesNotice of public hearing
- Rules and RegulationsFinal rule
- NoticesFinal guidance
- NoticesNotice of proposed rulemaking
- Rules and RegulationsFinal rule
- Rules and RegulationsInterim final rule; request for comments
- NoticesProposed rule with request for public comment
- Proposed RulesFinal rule
- Rules and RegulationsFinal rule
- Rules and RegulationsFinal guidance
- Rules and RegulationsFinal rule
- NoticesNotice
- Rules and RegulationsNotice of proposed rulemaking
- Rules and RegulationsFinal rule
- NoticesFinal rule; official interpretations
bill
- Sec. 2Rate of interest after transfer of loan
- Sec. 581Rate of interest after transfer of loan
- Sec. 581Rate of interest after transfer of loan
- Sec. 581Rate of interest after transfer of loan
- Sec. 925Rate of interest after transfer of loan
- Sec. 3Rate of interest after transfer of loan
- Sec. 924Rate of interest after transfer of loan
- Sec. 924Rate of interest after transfer of loan
- Sec. 4Terms and conditions
- Sec. 3Rate of interest after transfer of loan
- Sec. 3Rate of interest after transfer of loan
- Sec. 3Rate of interest after transfer of loan
- Sec. 3Rate of interest after transfer of loan
Traces to 5 documents
38 references not yet in our index
- June 16, 1933, ch. 89, § 25
- 48 Stat. 191
- Aug. 23, 1935, ch. 614
- 49 Stat. 711
- Pub. L. 93–501, title II, § 201
- 88 Stat. 1558
- Pub. L. 96–104, title I, § 101
- 93 Stat. 789
- Pub. L. 96–161, title II, § 201
- 93 Stat. 1235
- Pub. L. 96–221, title V, § 529
- 94 Stat. 168
- act June 3, 1864, ch. 106, § 30
- 13 Stat. 108
- Section 201 of Pub. L. 96–161
- section 529 of Pub. L. 96–221
- Section 101 of Pub. L. 96–104
- section 212 of Pub. L. 96–161
- Pub. L. 96–104, § 101
- Pub. L. 96–161, § 201
- Section 201 of Pub. L. 93–501
- Pub. L. 96–104, § 1
- section 101 of Pub. L. 96–104
- Pub. L. 96–221
- Pub. L. 96–104
- Pub. L. 96–161
- Pub. L. 93–501
- Pub. L. 96–161, title II, § 207
- 93 Stat. 1238
- Pub. L. 96–104, title I, § 107
- 93 Stat. 792
- Pub. L. 96–161, title II, § 212
- 93 Stat. 1239
- Pub. L. 93–501, title II, § 206
- 88 Stat. 1560
- section 528 of Pub. L. 96–221
- Pub. L. 96–161, title II, § 213
- 93 Stat. 1240
Citation graph
cites case law
§ 85
Rate of interest on loans, discounts and purchases
Fed. Reg.×79
Bills×13
U.S.C.×12
Stat.×11
C.F.R.×7
ActJune 16, 1933, ch. 89, § 25
Stat.48 Stat. 191
ActAug. 23, 1935, ch. 614
Stat.49 Stat. 711
Pub. L.Pub. L. 93–501, title II, § 201
Cites 43 · showing 10Cited by 122 across 5 sources