Code of Alabama - Title 8: Commercial Law and Consumer Protection - Chapter 8 - Interest and Usury
- Section 8-8-1 Maximum rates of interest - Generally
Except as otherwise provided by law, the maximum rate of interest upon the loan or forbearance of money, goods, or things in action, except by...
- Section 8-8-1.1 Maximum rates of interest - Permitted under state or federal law
(a) Individuals, partnerships, banks, corporations, and other legal entities may, on any loans or extensions of credit made by them, charge or impose the same...
- Section 8-8-1.2 Maximum rates of interest - Loans secured by savings accounts
Any savings and loan association located within the State of Alabama may charge on loans secured by savings accounts a rate of interest of not...
- Section 8-8-2 Maximum rates of interest - Aggregation of principal and interest on loans at six percent and division into installments
It shall be lawful to lend money at six percent per annum or less, to aggregate principal and interest at the date of the loan...
- Section 8-8-4 Maximum rates of interest - Loans, etc., of $100,000 or more to State Board of Education and trustees of state educational institutions
(a) The State Board of Education and the trustees of all state institutions where education is a part of the program of the institution as...
- Section 8-8-5 Maximum rates of interest - Loans, credit sales, etc., of $2,000 or more to individuals, corporations, trusts, partnerships, or associations
(a) Any person or persons, corporations, trust, general partnership or partnerships, limited partnership or partnerships, or association may agree to pay such rate or rates...
- Section 8-8-6 Maximum rates of interest - Exemption of debts incurred pursuant to National Housing Act or veterans' benefits
(a) All debts or extensions of credit incurred pursuant to any provision of the act of Congress known as the National Housing Act, as the...
- Section 8-8-7 Maximum rates of interest - Exemption of bonds, notes, etc., of state, instrumentalities, localities, etc
Any bonds, notes, warrants, other evidences of indebtedness, or securities issued by the State of Alabama or any department, agency, or instrumentality thereof, by any...
- Section 8-8-8 Interest accrues on breach of contract
All contracts, express or implied, for the payment of money, or other thing, or for the performance of any act or duty bear interest from...
- Section 8-8-9 Interest on unauthorized change bills and notes not exceeding $1
All change bills and notes for a sum not exceeding $1 issued or circulated in this state without authority of law bear interest at the...
- Section 8-8-10 Interest on money judgments and costs
(a) Judgments for the payment of money, other than costs, if based upon a contract action, bear interest from the day of the cause of...
- Section 8-8-11 Application of partial payments to principal and interest
Except as provided in this section, when partial payments are made, the interest due is first to be paid and the balance applied to the...
- Section 8-8-12 Enforcement of usurious contracts
(a) Except as otherwise permitted by law, all contracts for the payment of interest upon the loan or forbearance of goods, money, things in action,...
- Section 8-8-13 Collection on notes, etc., discounted at higher rate of interest than eight percent
Except when otherwise permitted by law, any banker who discounts any note, bill of exchange, or draft at a higher rate of interest than eight...
- Section 8-8-14 Interest surcharge on loans or credit sales; refunds; maximum interest rate indexed to prime rate; maximum interest rates for open-end credit plans
(a) In addition to other lawful charges under various state laws, and notwithstanding any restrictions thereunder, a legal licensed lending institution, a vendor making credit...
- Section 8-8-15 Bad check charge; deemed not finance charge
(a) Any lender of money, extender of other credit, or merchant making a sale of merchandise, goods, or services, or the assignee of the lender,...
Last modified: May 3, 2021