Usury statutes limit the level of interest rates that finance companies can charge their customers.

Question

Quizplus · Accepted Answer

Usury statutes are laws that restrict the maximum amount of interest that can be charged on loans or credit transactions. These statutes vary by state, but they generally aim to protect consumers from being charged excessively high interest rates, which can lead to financial hardship and debt. Therefore, the statement is true.

Usury Statutes Limit the Level of Interest Rates That Finance