Usury Act 1660
The Usury Act 1660 is an Act of the Parliament of England (12 Car. II. c. 13) with the long title "An Act for restraining the taking of Excessive Usury".[1] The purpose of the Act was to reduce the interest rate from 8% to 6%.[citation needed] The legislation had been enacted in 1651 under the Commonwealth, but this Act was passed to confer legality on the measure following the Restoration of Charles II after the English Civil War. [2]
It was amended by the Usury Act 1840 (3&4 Vict, c.83), the Usury Act 1841 (4&5 Vict, c.54), the Usury Act 1843 (6&7 Vict, c.45), the Usury Act 1845 (8&8 Vict, c.102), the Usury Act 1850 (13&14 Vict, c.56) . It was repealed by section 1 of the Usury Laws Repeal Act 1854 (17&18 Vict, c.90); the last Act is also known as An Act to repeal the Laws relating to Usury and to the Enrolment of Annuities 1854.
References
- ^ 'Charles II, 1660: An Act for restraining the taking of Excessive Usury.', Statutes of the Realm: volume 5: 1628-80 (1819), pp. 236-37. URL: http://www.british-history.ac.uk/report.asp?compid=47261. Date accessed: 07 March 2007.
- ^ 'Book 1, Ch. 14: From the Restoration to the Fire', A New History of London: Including Westminster and Southwark (1773), pp. 210-30. URL: http://www.british-history.ac.uk/report.asp?compid=46731. Date accessed: 07 March 2007.
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