I don't think so. There have been news articles within the last few years about paycheck loan outfits violating usury laws. And loansharking is apparently still illegal.
November 10, 2007, 19:19
wordmatic
What is the legal definition of usury? I should have just Googled rather than asking ehre, I guess, but I can remember my mother saying something like any interest rate above 15% or possibly 20% was considered usurious, but credit card companies charge such rates all the time now. Probably it varies from state to state, from nation to nation, but I agree with Asa, that so many lenders now charge sky-high rates and you never do hear the word "usury" flung around anymore.
Wordmatic
P.S. I also didn't take the time to watch the video, so I'll do that now.
P.P.S. Looking the word up in an online legal dictionary, I discovered that you basically have to be a loan shark to be charged with usury, and the max legal rate does vary state-to-state. However, banks may charge whatever interest the market will bear. Sigh.This message has been edited. Last edited by: wordmatic,
November 12, 2007, 09:06
dalehileman
Why do I picture an angry bearded (?) fellow in a white robe, swinging an adz in the usurer's quarters
November 12, 2007, 10:04
zmježd
English usury is similar in its drift (and subsequent pejorification) of meaning in a word like ignorant: Latin usura 'interest (on a loan)' (< usus 'used' < uti 'to use'), means literally 'something used, enjoyed' (cf. usufructus which is a bit of a pleonasm). It's a slippery slope from 'use' to 'interest' to 'excessive interest', but that's how language works.
[Corrected misdirecting angle brackets.]This message has been edited. Last edited by: zmježd,
—Ceci n'est pas un seing.
November 12, 2007, 12:03
neveu
quote:
Why do I picture an angry bearded (?) fellow in a white robe, swinging an adz in the usurer's quarters