Interest Rates laws

Every state has very specific limits on the amount of interest that may be charged on consumer contracts, ranging anywhere from 5 to 15 percent. But because parties may always agree to interest rates that are above the legal limit, most consumer contracts include interest rates that are above that limit.

Thus few states have limits on what can be expressly agreed to in a contract. For example, Alaska limits express contract terms to 5 percent over the legal rate, while the District of Columbia has the highest stated ceiling, at 24 percent. A number of states allow the limit to be pegged to the rate set by the Federal Reserve Board; most of these states have limits of 5 percent above the Federal Reserve. Potentially, these may be much higher than the District of Columbia's 24 percent. Overall, it appears that the more rural the state, the lower the limits. Presumably, farmers are protected and are more secure with lower interest rates than citizens of generally urban states with larger economies.

Usury is an unconscionable and exorbitant rate or amount of interest which exceeds those permitted by law. There is a great variety of statutory remedies for usury. A few states class usury as a crime and prescribe prison for violations of its usury laws. The majority of states provide for economic remedies such as forfeiture of all interest paid, recovery of double the usurious amount, payment of a fine, or making the contract unenforceable. Some states even specify that banks or savings and loans pay penalties. North Dakota has one of the more extreme usury penalties: it requires payment of all interest plus 25 percent of the principal.

For the most part there are myriad exceptions to the legal interest rate, which may be tied to the character of the lender, borrower, loan amount, the nature of the contract, or the matter that is the subject of the contract. Effectively, legal interest rates are no more than general guidelines for all transactions rather than the specific limits placed on them. There are so many exceptions in many states that it is often necessary to find a different rate for every conceivable situation.

Table 4: Interest Rates

State	Legal Maximum Rate of Interest	Usury Penalty	Judgments	Exceptions
ALABAMA	If agreed upon in writing, up to 8% per year, otherwise 6% per year (§8-8-1)	Forfeiture of all interest and interest paid deducted from principal (§8-8-12)	Other than costs, dollar judgments bear interest from date of entry at 12%; judgment on contract action bears interest at rate in contract (§8-8-10)	Loans over $2000 (§8-8-5); debts under National Housing Act. Veterans' Benefits acts (§8-8-6); industrial development boards and medical clinic boards (§11-54-97, 11-58-15); bonds issued by public or non-profit organizations (§8-8-7); public housing bonds, State Board of Education Securities (§§24-1-32; 16-3-28); public hospital corporations (§22-21-6)
ALASKA	Absent contract: 10.5%; express contract agreement: 5% over legal rate (§45.45.010)	One paying usurious interest may recover double amount thereof within 2 years (§45.45.030)	3% above 12th Federal Reserve District's discount rate on January 2nd of year in which judgment is entered, unless contract action, then use contract rate (§09.30.070)	Contract where principal amount exceeds $25,000 (§45.45.010)(b)
ARIZONA	10% per year; any rate may be agreed and contracted upon (§44-1201)	Forfeit all interest (§44-1202); usurious payments deemed to be made toward principal; if payments exceed principal, judgment may be given in favor of debtor with interest at rate of 10% (§§44-1203, 1204)	At allowable rate or as agreed upon as long as not in excess of that permitted by law (§44-1201)
ARKANSAS	Consumer and nonconsumer rate is 5% above Federal Reserve discount rate (consumer rate is capped at 17%) (Const. Art. XIX §13)	Contracts calling for more than lawful rate are void as to unpaid interest and debtor may recover twice amount of interest paid (Const. Art. XIX §13)	Rate of interest for contracts in which no rate of interest is agreed upon shall be 6% per annum. (Const. Art. XIX §13)

Table 4: Interest Rates—Continued

State	Legal Maximum Rate of Interest	Usury Penalty	Judgments	Exceptions
CALIFORNIA	Loan/forbearance of any money, goods, or things in action, or accounts after demand—7% or contract rate (Const. XV §1) contract rate shall not exceed 12% (Civil Code §1916-1)	Contract or agreement for greater than 12% shall be null and void as to any agreement to pay interest (Civil Code §1916-2); debtor may recover treble amount paid; willful violation—guilty of loan-sharking, a felony and punishable by imprisonment in state prison for not more than 5 yrs. or county jail for not more than 1 yr. (Civil Code §1916-3)	Set by legislature at not over 10% rate; in absence of setting of such rate, rate of interest is 7% (Const. Art. XV §1)	Incorporated insurer (Ins. §1100.1); licensed broker-deals (Corp. §25211.5); indebtedness issued pursuant to corporate securities law (Corp. §25116); licensed business and industrial development corporation (Fin. §31410); state and national banks acting as trustees (Fin. §1504); foreign banks (Fin. §1716); bank holding companies (Fin. §3707); state and federal savings and loans (Fin. §7675)
COLORADO	8% (§5-12-101); maximum rate that may be contracted for is 45% (§5-12-103); interest on consumer loan may not exceed 12% unless made by supervised lender (§5-2-201)	Criminal penalty for knowingly exceeding 45%, Class 6 felony (§18-15-104)	8% if none specified in contract; if contract rate is variable, then at rate on day of judgment (§5-12-102[4])	Savings and loans (§11-41-115); mortgages (§5-13-101); business and agricultural loans (§5-13-102); small business loans (§5-13-103)
CONNECTICUT	12% (§37-4)	Loan is not enforceable (§36a-573)	Absent agreement to contrary, 8% (§37-1)	Loans before September 12, 1911; bank; savings and loan; credit union; certain mortgages; loan for motor vehicle; boat; loan for higher education (§37-9); pawnbroker and loan broker (§21-44)
DELAWARE	5% over Federal Reserve discount rate; same maximum rate even if agreed upon in writing (Tit. 6 §2301)	Debtor not required to pay excess over legal rate; if whole debt is paid with interest over legal rate, debtor may recover 3 times amount of excess interest or $500, whichever is greater, if action brought within 1 year (Tit. 6 §2304[b]	5% over Federal Reserve discount rate; same maximum rate even if agreed upon in writing (Tit. 6 §2301)	No limit where loan exceeds $100,000 and is not secured by mortgage on borrower's personal residence (Tit.6§2301(c))

Table 4: Interest Rates—Continued

State	Legal Maximum Rate of Interest	Usury Penalty	Judgments	Exceptions
DISTRICT OF COLUMBIA	In absence of agreement: 6%/yr. (§28-3302); by contract in writing: Up to 24% (§28-3301)	Forfeiture of interest; usurious interest paid may be recovered (§28-3303; 3304)	4% allowed on judgments against the District of Columbia, its officers, employees acting within scope of employment; where judgment is not against District of Columbia, its officers, or its employees acting within scope of employment or where interest is not fixed by contract the rate of interest shall be 70% of the rate set by the Secretary of Treasury (§28-3302, 26 USC §6621)	Federally insured bank or savings and loan and on direct motor vehicle installment loans (§§28-3308; 28-3601 to 3602)
FLORIDA	Determined by comptroller of state by averaging the discount rate of the Federal Reserve Bank of New York for the preceding year and adding 500 basis points to the averaged federal discount rate (§55.03)	All interest forfeited and repaid double (§687.04); criminal usury: credit at rate of 25-45% is misdemeanor with penalty of up to 60 days in prison and/or $500 fine; over 45% is 3rd degree felony; keeping the books/records for loan at 25% is 1st degree misdemeanor, and if loan or forbearance is criminal, debt is not enforceable (§687.071)	Set yearly by the state comptroller by averaging discount rate of Fed. Reserve Bank of N.Y. for the preceding year and adding 500 basis pts. to the averaged discount rate (55.03)	If specifically licensed in business and making loan (§516.031); on sale of motor vehicles (§§520.01, et seq.)
GEORGIA	7% per year when rate not specified; higher than 7% must be in writing; maximum 16% where principal is $3000 or less; no limit on rate if loan is between $3000 and $250,000 and must be in simple interest in written contract (§7-4-2)	Forfeiture of entire interest (§7-4-10); criminal penalty (§7-4-18)	Prime rate determined by Federal Reserve System plus 3% (§7-4-12)	Small industrial loans (§7-3-14)

Table 4: Interest Rates—Continued

State	Legal Maximum Rate of Interest	Usury Penalty	Judgments	Exceptions
HAWAII	10% (§478-2)	Creditor may recover principal only; debtor recovers costs; creditor fined up to $250 and/or prison up to 1 year (§§478-5, 6)	10% on judgment for any civil suit (§478-3)
IDAHO	12% unless express contract (§28-22-104)	Plaintiff may recover amount of actual injury (§6-807, 1602)	5% plus annual average yield on U.S. Treasury securities as determined by Idaho state treasurer (§28-22-104)
ILLINOIS	Determined by the laws applicable at the time the contract is made (815 ILCS 205/4)	Recipient subject to suit for twice total of all interest, charges, and attorney's fees and court costs (815 ILCS 205/6)	9% or 6% when judgment debtor is unit of local government, school district, or community college (735 ILCS 5/2-1303; 735 ILCS 5/12-109)	Under Consumer Installment Loan Act (205 ILCS 670/1); short-term loans (815 ILCS 205/4.1a); installment loans (815 ILCS 205/4a; 205 ILCS 670/15); pawnbrokers (§205 ILCS 510/2); farm development loan (20 ILCS 3605/5 to 3605/12); reverse mortgage loan (205 ILCS 305/46)
INDIANA	21% for unsupervised consumer loan (24-4.5-3-201)	Class A misdemeanor for supervised lender to knowingly charge in excess of 24-4.5-3-508 for consumer loan (24-4.5-5-301); consumer has right to refund of amount paid in excess of statute and up to 3 times the amount in its discretion (24-4.5-5-202)	At contract rate not exceeding 8%, or 8% if there is no contract between the parties, beginning from the date of verdict or the finding of the court (§24-4.6-1-101); 6% beginning 45 days after judgment if against the state (§34-54-8-5)	Supervised loan is a consumer loan in which rate of loan finance charge exceeds 21% (24-4.5-3-501)
IOWA	5% unless agreed upon in writing then not to exceed amount specified in §535.2(3) (§535.2(1))	Plaintiff may have judgment only for principal debt without interest or costs; forfeiture of 8% by the year of principal remaining unpaid at time of judgment (§535.5)	10% unless rate (up to §535.2 amount) expressed in contract (§535.3); (§668.13)	Loan for real property, business or agricultural loans (§535.2(2))
KANSAS	10% (§16-201); maximum rate at which parties may contract: 15% (§16-207)	Forfeit all interest; lose a sum of money to pay borrower's attorney fees (§16-207)	4% above federal discount rate as of July 1 preceding judgment (§16-204); where judgment on contract, contract rate controls (§16-205)	Business and agricultural loans; note secured by real estate mortgage; qualified plan loans (§16-207)

Table 4: Interest Rates—Continued

State	Legal Maximum Rate of Interest	Usury Penalty	Judgments	Exceptions
KENTUCKY	8% absent agreement otherwise; parties may agree to a rate not to exceed 4% above discount rate of Fed. Reserve Bank or 19% whichever is less for principal amount of $15,000 (§360.010)	Borrower may recover twice amount paid (§360.020)	12% unless contract, then contract rate (§360.040)	Banks (§360.010(2)); credit union (§290.465); small loans (§288.530)
LOUISIANA	12% maximum (Civ. Code Ann. Art. 2924)	Entire interest forfeited (§9:3501) (Civ. Code Ann. Art. 2924)	Legal interest (§13:4202); state agencies: 6% (§13:5112)	Secured by mortgage (§9:3504); borrowing for commercial/business purposes (§9:3509); obligation secured by a mortgage (§9:3504)
MAINE	6% unless otherwise agreed (Tit. 9-B §432)		Before judgment: U.S. Treasury Bill rate plus 6% unless contracted, then contract rate (Tit. 14 §1602-B); after judgment: U.S. Treasury rate plus 6% unless contracted, then contract rate (Tit. 14 §1602-C)	Pawnbrokers (Tit. 30-A §3963); secured transactions (Tit. 11 §9-1201); consumer credit (Tit. 9-A §2-201)
MARYLAND	6% (Const. Art. III §57); up to 8% in written agreement (Com. Law §12-103)	Forfeit 3 times excess of interest and charges collected or $500, whichever is greater (Com. Law §12-114)	10%; money judgment may carry contract rate until originally scheduled maturity date (Cts. & Jud. Proc. §11-106, 107, 301)	Mortgage secured loans (Com. Law §12-103); unsecured loans secured by other than savings (Com. Law §12-103); installment loans not secured by real property (Com. Law §12-103); open-end retail accounts (Com. Law §12-506); installment sales contract for motor vehicles and other consumer goods (Com. Law §12-609, 610)
MASSACHUSETTS	6% unless contract (Ch. 107 §3)	Over 20%: criminal usury; usurious loan may be voided by Supreme Judicial or Supreme Court in equity (Ch. 271 §49)	12% torts (Ch. 231 §6B); at contract rate if contract up to 12% (Ch. 231 §6C); sanctions defenses/counterclaims for frivolous or not in good faith actions (Ch. 231 §6F)	Small loans (Ch. 140 §96); open-end credit transaction (Ch 140 §114B); life insurance policy loans (Ch. 175 §142)
MICHIGAN	5%; maximum rate with written agreement: 7% §438.31	Loss of all interest, official fees, delinquency or collection charge, attorney's fees or court costs (§438.32)	Rate of interest equal to 1% plus the average interest paid at auctions of 5–yr. U.S. treasury notes during the 6 months preceding July 1 and January 1 (§600.6013)	Small loans (§493.1); credit union loans (§490.14)

Table 4: Interest Rates—Continued

State	Legal Maximum Rate of Interest	Usury Penalty	Judgments	Exceptions
MINNESOTA	6% legal rate; written contract up to 8% (§334.01)	Contract for greater interest void (§§47.20; 334.03); payor may recover full interest and premiums paid with costs (§334.02); usurious interest by banks, savings and loans and credit unions results in forfeitures of all interest and payor may recover twice interest paid (§48.196)	Determined on or before December 20 of prior year by state court, administrator based on secondary market yield (§549.09)	State banks/savings associations (§48.195); state credit union (§52.14); dealers under Securities Exchange Act (§334.19); mortgage loans (§47.204); business and agricultural loans (§334.011). Plans subject to provisions of Employee Retirement Income Security Act of 1974 (§334.01); loans secured by savings accounts (§334.012)
MISSISSIPPI	8% (§75-17-1[1]); contract rate not to exceed greater of 10% or 5% above discount rate (§75-17-1[2])	Forfeit all interest and finance charge; if rate exceeds maximum by 100%, any amount paid (principal or interest) may be recovered; person willfully charging usurious rates guilty of misdemeanor and fine up to $1000 (§75-67-119)	Judgments at contract rate if contract exists; otherwise at per annum rate set by judge (§75-17-7)	Residential real property loan (§75-17-1); mobile homes (§75-17-23); partnership, joint venture, religious society, unincorporated assoc. or domestic or foreign corp. (75-17-1 [3])
MISSOURI	Absent agreement, 9% (§408.020); contract rate not to exceed 10% except when market rate is higher (§408.030)	If usury collected, excess over legal rate applied to principal or debtor may recover (§§408.050, 060); debtor may recover twice amount of interest paid, costs of suit, and attorney's fees (§408.030)	9% or higher rate lawfully stipulated (§408.040)	Loans to corporations, general partnerships, limited partnerships, or limited liability companies; business loans of $5000 or more; real estate loans other than residential real estate of less than $5000 secured by real estate used for agricultural activity or loans of $5000 or more secured solely by certificates of stock, bonds, bills of exchange, certificates of deposit or other commercial paper pledged as collateral for repayment of loan (§408.035)
MONTANA	10% (§31-1-106); 15% maximum rate by written agreement, up to 6 percentage points above prime rate of major New York banks (§31-1-107)	Forfeiture of double interest received (§31-1-108)	10% or contract rate (§25-9-205)	Regulated lenders and the finance operation that finances transactions between merchants (§31-1-112)

Table 4: Interest Rates—Continued

State	Legal Maximum Rate of Interest	Usury Penalty	Judgments	Exceptions
NEBRASKA	Up to 16% for contract (§45-101.03); otherwise legal rate, 6% (§45-102)	Only principal recoverable (§§45-105, 110); principal plus interest not exceeding legal contract rate (45-110)	1% above bond equivalent yield; rate of contract; or specifically provided by law (§45-103)	Loans by Department of Banking, loan to any corporation; principal over $25,000; loan guaranteed by state/federal government on securities, open credit accounts; savings and loans; business or agricultural purpose loans; installment contract for goods and services; loan to any corporation, partnership or trust (45-101.04)
NEVADA	No limit for what parties may contract; otherwise prime rate of Nevada's largest bank plus 2% (§§99.040, 050)		Contract rate or prime rate at largest bank in Nevada plus 2% (§17.130)	Licensee may lend at any interest rate (§677.730)
NEW HAMPSHIRE	10% unless differently stipulated in writing (§336:1)		Determined by state treasurer as the prevailing discount rate of interest on 52–week U.S. treasury bills at the last auction preceding September in each year, plus 2% points rounded to the nearest tenth (§336:1)	Educational institutions (§195-F:15); public utility (§374-C:14); pawnbrokers and small loans (§399-A:3); home mortgage loan (§398-A:2); consumer credit (§358-K:1)
NEW JERSEY	6% or up to 16% for contract (§31:1-1); loans in excess of 30% or 50% in limited liability to corporations are not permitted (§2C:21-19)	Only amount lent may be recovered (§31:1-3); guilty of criminal usury and up to $250,000 fine (§2C:21-19)		Loan for over $50,000; savings and loans; banks; Department of Housing and Urban Affairs and other organizations authorized by the Emergency Home Finance Act of 1970; state or federal government or quasi-governmental organizations (§31:1-1)
NEW MEXICO	15% in absence of contract fixed rate (§56-8-3)	Forfeiture of all interest and if paid, borrower may recover twice amount (§56-8-13)	8¾% unless judgment is on a contract, in which case interest on recovery will be the contract rate, but if the money judgment is for tortious conduct, interest on judgment will be 15% (§56-8-4)	Corporations and limited partnerships (§56-8-9, §56-8-21); pawn brokers (§56-12-13)

Table 4: Interest Rates—Continued

State	Legal Maximum Rate of Interest	Usury Penalty	Judgments	Exceptions
NEW YORK	16% (Gen. Oblig. §5-501(1)); Banking §14-a)	Usurious notes void (Gen. Oblig. (§5-511(1)); borrower may recover any amount in excess over legal rate (Gen. Oblig. §5-513); if bank, savings and loan, or trust company, interest forfeited and recovery of twice interest paid (Gen. Oblig. §5-511(1))	9% (Civ. Prac. L. & R. §§5003, 5004)	See Gen. Oblig. §§5-501, et seq.; debit balance on customer accounts with a broker or dealer (Gen. Oblig. §5-525)
NORTH CAROLINA	8% (§24-1); may contract for higher rate if under $25,000; if over $25,000, may contract any rate (§24-1.1)	Forfeiture of all interest; party paying may recover double interest paid (§24-2)	8% (§24-1) or at contract rate (§24-5)	Home loans secured by mortgage or first deed of trust (§24-1.1A); savings and loan associations (§24-1.4); loans to corporations (§24-9); equity lines of credit (§24-1.2A)
NORTH DAKOTA	6% (§47-14-05); if contract in writing, up to 5.5% higher than average interest on treasury bills, but maximum must be at least 7% (§47-14-09)	Forfeit all interest and 25% of principal (§47-14-10); Class B misdemeanor (§47-14-11); if interest paid, twice amount paid may be recovered (§47-14-10)	Contract rate, otherwise 12% (§28-20-34)	Loans to corporations; agency funded by state/federal government; amount over $35,000; loans to partnerships/limited partnerships (§47-14-09)
OHIO	8% (§1343.01)	Excess interest applied to principal (§1343.04)	Contract rate (§1343.02), otherwise 10% (§1343.03)	Amount exceeds $100,000; broker/dealer registered; secured by mortgage or deed of trust; business loan (§1343.01)
OKLAHOMA	6%, or by contract (Tit. 15 §266)	Forfeiture of entire interest; if amount over legal interest is paid, it may be recovered double (Const. Art. XIV §3); if a bank is guilty of loaning at usurious rate, cancellation of bank charter and liquidation of assets of bank (15 §272)	At contract rate or 4 percentage points above average treasury bill rate for preceding year, not to exceed 10% in action against state/political subdivision (Tit. 12 §727)	Pawnshops (Tit. 59 §1510); small loans and retail installment (Uniform Consumer Credit Code) (Tit. 14A §3-201)

Table 4: Interest Rates—Continued

State	Legal Maximum Rate of Interest	Usury Penalty	Judgments	Exceptions
OREGON	Unless otherwise agreed, 9% (§82.010)	Forfeit interest on loan but borrower must repay the principal (§82.010)	9% unless contract, then contract rate (§82.010)	Business or agricultural loan; loan under $50,000 (§82.010); financial institution or trust company as defined under §706.008, consumer finance license defined under Ch. 725, pawnbroker licensed under Ch. 726, lender approved under the National Housing Act, loans secured with real property, loan secured through U.S. government, securities or commercial paper, broker-dealers registered under the Securities Exchange Act of 1934 (§82.025)
PENNSYLVANIA	6% (Tit. 41 §§201, 202)	Borrower not required to pay amount over legal rate and may recover triple the amount in excess; attorney's fees may be awarded and an intentional violation is 3rd degree misdemeanor (Tit. 41 §§501, et seq.)	Interest at lawful rate (Tit. 42 §8101)	Federal Housing Administration, Veteran's Administration or other department/agency of U.S. government (Tit. 41 §§301, 302); business loans in excess of $10,000; unsecured; noncollaterialized loan in excess of $35,000; obligation to pay a sum of money in an original bona fide principal amount more than $50,000 (41 §301)
RHODE ISLAND	12% absent agreement otherwise (§6-26-1); otherwise, 21% (§6-26-2)	Contract shall be void; knowing violation is criminal usury with imprisonment up to 5 years (§6-26-3); borrower may recover twice amount of usurious interest paid (§6-26-4)	12% unless otherwise already agreed upon rate (§9-21-10)	Pawnbroker (§19-26-18); persons licensed (§6-26-2); revolving or open-end credit plan; finance charge for retail sales (§6-27-4)
SOUTH CAROLINA	8 ¾% (§34-31-20)	Usury penalty laws repealed June 25, 1982, but old law may apply to transactions before then (formerly §34-31-50)	12% (§34-31-20)	See South Carolina Consumer Protection Code (§37-1-101 et seq.)

Table 4: Interest Rates—Continued

State	Legal Maximum Rate of Interest	Usury Penalty	Judgments	Exceptions
SOUTH DAKOTA	Absent agreement, 12% (§54-3-4); various official state interest rates: Category A-4 ½%; Category B-10%; Category C-12%; Category D-1% per month or fraction thereof; Category E-4%; Category F-15%; Category G-5/6% per month or fraction thereof (§54-3-16)	Penalties repealed July 1982	10% (§54-3-5.1)	Real estate mortgages; Uniform Credit Code security agreements; revolving charge accounts (§54-11-5); regulated lenders §(54-3-13)
TENNESSEE	10% (§47-14-103)	Contract unenforceable; if found unconscionable, lender must refund charges, fees, and commission fees and successful plaintiff may recover reasonable attorney's fees (§47-14-117); willful collection is a Class A misdemeanor (§47-14-112)	10% or at contract rate (§47-14-121)	Installment loans (§45-2-1106); loans under $1000; (§47-14-104); savings and loans (§45-3-705); single payment loans §(47-14-104)
TEXAS	When not specified, 6% (Finance §302.002)	The greater of 3 times the amount computed subtracting the amount of interest allowed by law from the total amount of interest contracted for, charged, or received; or $2000 or 20% of the amount of principal, whichever is less (Finance §305.001 to 305.003); creditor who is liable is also liable for reasonable attorney's fees (Finance §305.005); each offense is a misdemeanor with fine of up to $1000 (Finance §305.008)	If contract rate, then lesser of the contract rate or 18% (Finance §304.002)	Loan for business, commercial, investment, or similar purpose; open-end accounts (Finance §303.305)

Table 4: Interest Rates—Continued

State	Legal Maximum Rate of Interest	Usury Penalty	Judgments	Exceptions
UTAH	10% absent contract (§15-1-1)	Felony of the 3rd degree (§76-6-520)	Fed. postjudgment interest rate as of Jan. 1 of each year plus 2%; judgment on contract shall conform to contract and shall bear interest agreed to by parties (§15-1-4)	Pawnbroker (§11-6-4)
VERMONT	12% (Tit. 9 §41a)	Lender knowingly charging in excess of legal rate may forfeit all interest, all expenses of collection, and reasonable attorney's fee; first offense: fined not more than $500 and/or imprisoned for not more than 6 months; subsequent offenses: fined not more than $1,000 and or imprisoned for not more than 1 year (Tit. 9 §50)	12% (Tit. 12 §2903)	Retail installment contract (Tit. 9 §§41a, 2405); municipal bonds (Tit. 24 §1761); loan secured for recreational vehicle, aircraft, water craft, and farm equipment (Tit. 9 §41a)
VIRGINIA	8% unless contract specifies (§6.1-330.53)	Borrower may recover twice interest paid, court costs, and unreasonable attorney's fees (§6.1-330.57)	9% or at contract rate, whichever is higher (§6.1-330.54)	Revolving credit accounts (§6.1-330.64); private college/university (§6.1-330.66); state or national banks; savings and loans; credit unions (§6.1-330.48); secured by mortgage or deed of trust (§6.1-330.71); installment credit plan (6.1-330.77)
WASHINGTON	12% absent written contract rate (§19.52.010(1))	Debtor entitled to costs, attorney's fees, and twice amount paid in excess of what lender is entitled to (§19.52.030(1))	Contract rate as long as within statutory limit or maximum rate; child support, 12% (§4.56.110)	Broker dealers (§19.52.110); retail installment contract or transaction (§19.52.100, §19.52.130); sales contract providing for deferred payment (§19.52.120); financing of mobile homes (§19.52.160)

Table 4: Interest Rates—Continued

State	Legal Maximum Rate of Interest	Usury Penalty	Judgments	Exceptions
WEST VIRGINIA	6% absent written agreement otherwise (§47-6-5); 8% maximum contract rate (§47-6-5(b))	Void as to all interest and debtor may recover 4 times all interest agreed to be paid with $100 minimum (§47-6-6); if supervised lender willfully makes excess charge it is guilty of misdemeanor (§46A-5-103); court may award reasonable attorney's fees (§46A-5-104)	10% (§§56-6-31; 46A-3-111)	Life insurer (§33-13-8); consumer credit sales (§46A-3-101); installment sale for business purposes; loans for business purposes (§47-6-11)
WISCONSIN	5% unless otherwise agreed in writing (§138.04)	Lender intentionally violating fined $25 to $500 and/or prison up to 6 months (§138.06(2))	12% (§815.05(8))	State-chartered banks, credit unions, savings and loans, etc. (§138.041); residential mortgage loans (§138.052(7)); loans to corporations (§138.05(5)); installment contract on auto (§218.0142)
WYOMING	7% absent agreement otherwise or provision of law (§40-14-106)		10% unless agreement (§1-16-102(a)); late child support or maintenance which becomes a judgment shall not bear interest (§1-6-102(c))	Extensions of credit to government or governmental agencies; credit sales, loans or leases for agricultural purposes (§40-14-121)