12 U.S. Code § 86 - Usurious interest; penalty for taking; limitations

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.

Source

(R.S. § 5198.)
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.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

12 USCDescription of ChangeSession YearPublic LawStatutes at Large

 

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