Usury - Definition - Law Dictionary Home Dictionary Definition usury

Definition :

Usury, any reward taken for the use of money. Usura est commodum certum quod propter usum rei (vel 'ris) mutuat' recipitur; sed, secundario sperare de aliqua retributione, ad voluntatem ejus qui mutuatus est, hoc non est vitiosum. 5 Rep. 70.-(Usury is a certain benefit which is received for the use of a thing (or of money) lent; but, secondly, to hope for a certain return at the option of the party who borrowed, this is not vicious.) The term is usually applied to the taking of exorbitant interest, or of interest of a greater amount than is allowed by law. Eleven statutes, from 37 Hen. 8, c. 9, to 13 & 14 Vict. c. 56, fixing the legal rates of interest, were all repealed in 1854 by 17 & 18 Vict. c. 90, together with 'all 'the then' existing laws against usury,' but the interest which pawnbrokers (see that title) may take is still restricted bylaw, and the 109th Canon, including usury amongst other offences for which an offender may be presented, has not only not been expressly repealed, but made part of the Clergy Discipline Act, 1892.

1. The landing of money with interest 2. Charging of an illegal rate of interest 3. An illegal high rate of interest, Black's Law Dictionary, 7th Edn.

See, further, MONEY-LENDERS Act, and PAWNBROKERS.