Why does the American Monetary Act have an 8% maximum interest rate, including all fees?
Because before 1980/1981, 49 States had “anti-usury” laws which limited normal interest rates to a maximum of between 6% and 10% p.a. The American Monetary Act takes the middle of this range to represent a restoration of the interest rate limits prevailing across the country prior to 1980/1981. See page 9.
Related Questions
- If banks are no longer allowed to create money, where will banks get enough money to make loans under the American Monetary Act?
- What are some of the changes to the HCTC included in the 2009 American Recovery and Reinvestment Act (ARRA)?
- Under the Monetary Control Act, for what services are the Federal Reserve Banks required to charge fees?
