Usury Act 1660

Recital that Abatement of Interest is advantageous to Trade.

Reasons for passing this Act.; None to take above Six Pounds for a Hundred Pounds.; All Securitites, on which higher Interest reserved, void.; Persons taking, &c. by any Shift higher Interest; Penalty.

FOASMUCH as the Abatement of Interest from Ten in the Hundred in former times hath beene found by notable experience beneficiall to the Advancement of Trade and Improvement of Lands by good Husbandry with many other considerable advantages to this Nation, especially the reduceing of it to a nearer proportion with Forraigne States with whom wee traffique, And wheras in fresh memory the like fall from Eight to Six in the Hundred by a late constant practise hath found the like Successe to the generall contentment of this Nation as is visible by severall Improvements. And whereas it is the endeavour of some at present to reduce it backe againe in practice to the allowance of the Statute still in force to Eight in the Hundred to the great discouragement of Ingenuity and industry in the Husbandry Trade and Commerce of this Nation. Bee it for the Reasons aforesaid Enacted by the Kings most Excellent Majestye and the Lords and Commons in this present Parliament assembled That noe person or persons whatsoever from and after the twenty ninth day of September in the yeare of our Lord One thousand six hundred and sixty upon any Contract shall from and after the said twenty ninth X1 of September take directly or indirectly for Loane of any [X2 Money] Wares Merchandice or other Commodityes whatsoever above the value of Six Pounds for the Forbearance of one Hundred Pounds for a Yeare, and soe after that Rate for a greater or lesser Summe or for a longer or shorter time, And that all Bonds Contracts and Assurances whatsoeyer made after the time aforesaid for payment of any principall or money to be lent or covenanted to be performed upon or for any Usury, wherupon or whereby there shall be reserved or taken above the Rate of Six pounds in the Hundred as aforesaid shall be utterly void, And that all and every person and persons whatsoever which shall after the time aforesaid upon any Contract to be made after the said twenty ninth day of September take accept and receive by way or meanes of any corrupt Bargaine Loane Exchange Cheivesaunce Shift or Interest of any Wares Merchandise or other thing or things whatsoever, or by any deceitfull way or meanes or by any covin, engine or deceitfull conveyance for the forbearing or giveing day of payment for one whole yeare of and for their Money or other thing above the Su[m]me of Six pounds for the forbearing of One hundred pounds for a yeare, and soe after that Rate for a greater or lesser Summe or for a longer or shorter Terme shall forfeit and loose for every such offence the treble value of the Moneyes Wares Merchandize and other things soe Lent Bargained Sold Exchanged or Shifted;

Editorial Information

X1 Variant reading of the text noted in The Statutes of the Realm as follows: Day O. [O. refers to a collection in the library of Trinity College, Cambridge]

X2 Variant reading of the text noted in The Statutes of the Realm as follows: Moneyes O. [O. refers to a collection in the library of Trinity College, Cambridge]