| Short Title: | Usury Act 1660 |
| Type: | Act |
| Parliament: | Parliament of England |
| Long Title: | An Act for restraining the taking of Excessive Usury. |
| Year: | 1660 |
| Citation: | 12 Cha. 2. c. 13 |
| Royal Assent: | 29 August 1660 |
| Commencement: | 25 April 1660 |
| Amends: | Usury Act 1623 |
| Repealing Legislation: | Usury Laws Repeal Act 1854 |
| Status: | repealed |
| Original Text: | https://www.british-history.ac.uk/statutes-realm/vol5/pp236-237 |
The Usury Act 1660 was an Act of the Parliament of England (12 Cha. 2. c. 13) with the long title "An Act for restraining the taking of Excessive Usury".[1]
The purpose of the Act was to reduce the maximum interest rate from 8% (imposed in 1624 by the Usury Act 1623 (21 Jas. 1. c. 17)) to 6%. The legislation had been enacted in 1651 under the Commonwealth, but this Act was passed to confer legality on the measure following the Restoration of Charles II.[2]
It was amended by the Usury Act 1714 (13 Ann. c. 15), which further reduced the interest rate to 5%; the Usury Act 1840 (3 & 4 Vict. c. 83); the Usury Act 1841 (4 & 5 Vict. c. 54); the Usury Act 1843 (6 & 7 Vict. c. 45); the Usury Act 1845 (8 & 9 Vict. c. 102); and the Usury Act 1850 (13 & 14 Vict. c. 56). It was repealed by section 1 of the Usury Laws Repeal Act 1854 (17 & 18 Vict. c. 90); the last Act is also known as An Act to repeal the Laws relating to Usury and to the Enrolment of Annuities.