National Usury Act
Latest action. Referred to House Committee on Banking, Finance and Urban Affairs.
National Usury Act - Establishes the legal rate of interest at ten percent per year. Provides that, except with respect to loans of less than $2,500 made by petty loan companies or credit unions: (1) any agreement to charge interest in excess of ten percent per year on a loan of more than $300 is void as to the excess interest which may be recovered by the borrower; and (2) any partial payment on a debt must be first applied to the interest due. Prohibits the defense of usury in any action to recover on a debt. States that insurance premiums required to be paid under a secured loan agreement shall not be considered interest if the premiums do not exceed those charged under similar policies unrelated to loans. Sets forth provisions governing the application of the legal rate of interest to judgments. Requires any person engaged in the business of financing loans on personal property sold by dealers to purchasers on credit to pay interest at five percent per year on any reserve withheld from the dealer under the contract for financing. States that any amount so withheld shall be due immediately upon the close of the loan account. Requires that dealers receive biannual reports on the status of their reserve accounts. Establishes a fine for violation of such provisions on dealer financing. Requires the board of directors of any institution which deals in bills of exchange to fix the rates of exchange. Requires such rates to be publicly posted. Prohibits any officer of such an institution from deviating from the posted rate of exchange. Sets forth provisions governing secured and unsecured installment loans given by banks, trust companies, and combined banks and trust companies.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on April 24, 1980. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on April 24, 1980: Referred to House Committee on Banking, Finance and Urban Affairs.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
WILLIAM HARSHA (R-OH) introduced it on April 24, 1980. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on April 24, 1980, 16940 days ago. The most recent recorded action was 16940 days ago, on April 24, 1980.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers