§ 86. — Usurious interest; penalty for taking; limitations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC86]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER IV--REGULATION OF THE BANKING BUSINESS; POWERS AND DUTIES OF
NATIONAL BANKS
Sec. 86. Usurious interest; penalty for taking; limitations
The taking, receiving, reserving, or charging a rate of interest
greater than is allowed by section 85 of this title, when knowingly
done, shall be deemed a forfeiture of the entire interest which the
note, bill, or other evidence of debt carries with it, or which has been
agreed to be paid thereon. In case the greater rate of interest has been
paid, the person by whom it has been paid, or his legal representatives,
may recover back, in an action in the nature of an action of debt, twice
the amount of the interest thus paid from the association taking or
receiving the same: Provided, That such action is commenced within two
years from the time the usurious transaction occurred.
(R.S. Sec. 5198.)
Codification
R.S. Sec. 5198 (less last sentence) derived from act June 3, 1864,
ch. 106, Sec. 30, 13 Stat. 108, which was the National Bank Act. See
section 38 of this title.
Section is based on R.S. Sec. 5198, less last sentence as added by
act Feb. 18, 1875, ch. 80, Sec. 1, 18 Stat. 320, which is classified to
section 94 of this title.
