Definition from Nolo’s Plain-English Law Dictionary
Extending credit at an exorbitant or illegally high interest rate. States set their own maximum interest rates, and courts will not enforce payment of interest on a loan if the rate is usurious. Most credit card issuers are based in states with no usury laws or caps on credit card interest rates.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:26 pm