Usury Laws Are Regulations That Limit the Amount of Times

question 26

True/False

Usury laws are regulations that limit the amount of times a finance company can lend to the same individual in a given time period to limit the amount of interest charged to any one customer.

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Definitions:

Non-negotiable

A term describing an instrument or agreement that cannot be transferred or altered by endorsement or negotiation.

Satisfactory Repair

denotes the condition in which an item or property has been fixed or restored to a state deemed acceptable by a reasonable standard or agreement.

Payable at a Definite Time

Refers to a financial obligation that is due to be paid on a specific date.

Fixed Date

A specific, agreed-upon date by which an event must occur or an action must be taken.