Thank you for visiting SNEWPapers!
Sign up free
Richmond Enquirer
Richmond, Richmond County, Virginia
What is this article about?
On the 22nd inst., a bill regulating interest rates at six percent per annum unless otherwise stipulated in writing was read for the first time in the Massachusetts legislature. It includes protections for defendants in cases of unfair advantages taken for higher rates.
Clipping
OCR Quality
Full Text
In the legislature of Massachusetts, on the 22d. inst. a bill to regulate the rate of interest &c. was read a first time.—
This bill provides that the interest on contracts shall be at the rate of six per cent. per annum, unless a different rate shall be expressly stipulated, in writing, by the parties. That in cases of prosecution on contracts where more than six per cent. shall be taken, if the defendant can prove that he was induced to pay said interest by means of any unfair advantages taken of his situation, the plaintiff shall recover the principal sum only, without costs, and the defendant shall recover costs, &c.
What sub-type of article is it?
What keywords are associated?
Where did it happen?
Domestic News Details
Primary Location
Massachusetts
Event Date
On The 22d. Inst.
Event Details
A bill to regulate the rate of interest was read a first time in the legislature. The bill sets interest on contracts at six per cent. per annum unless a different rate is expressly stipulated in writing by the parties. In prosecutions where more than six per cent. is taken, if the defendant proves inducement by unfair advantages, the plaintiff recovers only the principal without costs, and the defendant recovers costs.