Usury

Yes, usury coverage is available. Usury statute is Code of Alabama (1975) Section 8-8-1 et seq. However the statute does not apply to loan transactions secured by real property and there is no interest rate cap.

Division of Insurance has ruled that usury is not proper subject of title insurance and forbids this coverage.

Yes, a usury endorsement is available. The statutory maximum rate of interest is 10% per annum, unless a different rate is contracted for in writing, in which case any rate of interest may be agreed upon. ARS 44-1201.

Usury also constitutes a misdemeanor crime. ARS 13-2208.

Usury coverage is available and should be based on conflicts of law analysis.

Coverage may be available by endorsement dependent on the type of loan, type of lender, amount and purpose of the loan. The general usury limits are found in the CA Constitution Art. 15 and Cal. Civ. Code Section 1916.2-1, et seq. but many variations and exemptions are found in other sections of the CA Code, including Civil, Corporations, Financial, Government and Commercial Codes. Please consult a local underwriter for information relating to usury insurance.

Usury coverage is available on loans where the interest charged does not exceed 45 percent. C.R.S. 5-12-103 (2012).

Usury coverage is generally available. Conn. Gen. Stat. Section 37-4, -5, and -6 exempts from usury limits “….any bona fide mortgage of real estate for a sum in excess of five thousand dollars.” See Conn. Gen Stat. Section 37-9 (entitled “Loans to which prohibitions do not apply”).

No.

Yes. Considered an extra hazardous risk, however generally not a major issue. The basic ceiling is 24% but all commercial loans in excess of $2500 are exempt. See DC Code 28-3301.

No, usury coverage is not available. Usury endorsements are prohibited.

Yes. The rate is $.10 per thousand. There are no exemptions with respect to usury under State law. There are both civil and criminal penalties in this State. Please refer to Code section OCGA 7-4-1 and 7-4-2 et seq.

Yes. ALTA Endorsement 27-06. Usury statutes are found at HRS Chapter 478.

Usury coverage is not available in Idaho.

A usury endorsement can be issued. The current usury laws apply only to personal loans, however, violation of that statute is a Class 4 Felony.

Yes, usury coverage is available for commercial loans. Contact underwriter for further information.

Yes.

Usury coverage is prohibited by the Department of Insurance.

Usury coverage is available. For more information see KRS 360.010.

Yes, ALTA 27-06 (rev 10-22-09) is a filed endorsement with a filed rate of $50—effective June 1, 2010.

The usury endorsement is available. Maine does not have a statute limiting the amount of interest charged in real estate transactions. The statutes governing mortgage lending are found in M.R.S.A. Title 9-A.

Yes, subject to underwriter approval. Usury coverage is considered an extra-hazardous endorsement.

Usury coverage is generally available on first mortgages; it is available on second mortgages in most instances.

Include the following exception in your Massachusetts Usury Endorsement: “provided that notice is given under MGL Chapter 271, section 49.”

Usury coverage through an endorsement is available. The usury statute is MCL § 438.31 et sec.

Issue the MI Usury 1 Endorsement, which excepts from coverage any loan providing for interest in excess of the criminal usury section MCL 438.41 (rate exceeding 25%) and for interest charged on interest of 10%.

Yes

Yes, coverage is available. Usury statute is found at § 75-17-1.

Not available.

Usury coverage is available on loans where the interest charged does not exceed 15 percent.

Stewart has two forms of usury endorsements filed. Parties may agree in writing to the payment of any rate of interest that does not exceed the greater of 15% or an amount that is 6 percentage points per year above the prime rate published by the federal reserve system in its statistical release H.15 Selected Interest Rates for bank prime loans dated 3 business days prior to the execution of the agreement. M.C.A. §31-1-107. The above provision does not apply to “regulated lenders,” defined in M.C.A. §31-1-111. A regulated lender, except for a deferred deposit loan licensee, title loan licensee, or consumer loan licensee, is exempt from all limitations on the rate of interest that it may charge and is exempt from the operation and effect of all usury statutes. M.C.A. §31-1-111.

Yes.

Usury coverage is available in Nevada and should be based on conflicts of law analysis.

The usury endorsement is available. New Hampshire does not have a statute limiting the amount of interest charged in real estate transactions. The statutes governing mortgage lending are N.H. RSA Chapters 384 and 397-A.

Usury coverage is not available in NJ.

No. Not promulgated coverage. Coverage is not necessary. Usury statutes were repealed in 1983.

Not available.

Usury coverage is available by endorsement. NC has statutory limitations on interest on consumer loans, mortgages, HELOCS and high cost loans: NC General Statutes § 24 1.1A. et seq.

Interest rates are limited for loans to natural persons for personal, family or household purposes secured by manufactured homes or structures used as principal residence.

A high cost loan is limited to $300,000 or less or the conforming loan size established by Fannie Mae.

A loan made to a non-natural person, for $300,000 or more, obtained by a natural person for purpose other than personal, family or household purpose is exempt from application of usury regulations.

Yes. NDCC 47-14-09 exempts entity borrowers from the usury statute as well as any loan in excess of $35K.

Yes, usury coverage is available.

Generally, usury coverage is available only on loans in excess of $100,000.00 or business loans.
The Ohio’s usury law link is: http://codes.ohio.gov/orc/1343.01

Usury coverage is available in Oklahoma, by issuance of ALTA Endorsement 27-06 (Usury) (10-16-08), and requires approval of a Stewart Underwriter. Add exception at the end of the provision to “except to any claim that the rate of interest exceeds 45% per annum.” 14A O.S. §3-605; 14A O.S.

§5-107. The parties to a loan, other than a consumer loan, may agree for payment of any loan finance charge not in excess of the 45% rate specified in Section 5-107.

No.

Usury coverage is not available in Pennsylvania.

Usury coverage is available. Rhode Island General Laws, Section 6-26-2 provides for a maximum rate of interest of 21% or an alternative rate of 9% over the prime rate shown in the Money Rates section of the Wall Street Journal. The lender can use either rate with no restriction. A loan to a commercial entity over $500,000.00 is exempt where there is no mortgage on the personal residence of any borrower.

Usury coverage is available.

There is no general usury limits on non-consumer transactions. Interest on consumer credit transactions are limited by S.C. Code Ann. Section 37-2-201.

Yes. There is no restriction on interest rates, SDCL 54-3-1.1. Regulated lenders are exempt from all rate limitations, SDCL 54-3-13. Regulated lenders are defined as any institutional lender, SDCL 54-3-14.

Usury coverage is available in Tennessee and should be based on conflicts of law analysis.

No.

The STG Usury endorsement is available in Utah. Utah Code Ann. § 15-1-1. Interest rates -- Contracted rate -- Legal rate

(1) The parties to a lawful contract may agree upon any rate of interest for the loan or forbearance of any money, goods, or chose in action that is the subject of their contract.

The allowable legal rates of interest are set forth in 9 V.S.A., Section 41a.

A Usury Endorsement has not been filed with the BISHCA and therefore usury coverage is not available.

Yes, commercial.

Yes.

Yes, commercial.

Yes. Usury coverage is not prohibited under Wisconsin law.

Usury coverage is available: (i) if the loan is made to a corporation or limited liability company; (ii) if the interest rate of the loan is 12% or less; or (iii) if the principal indebtedness of a loan exceeds $150,000.00 and is not secured by a 1-4 family dwelling in which the borrower resides (Wis. Statute Sec. 138.05).

Usury coverage is available through the ALTA 27-06 Endorsement. Wyoming allows parties to contract for the payment by the debtor of any loan finance charge for loans other than consumer loans. Wyo. Stat. §40-14-358. For consumer loans, defined in Wyo. Stat. §§40-14-304 and -355, a supervised financial organization or one licensed to make supervised loans, defined in Wyo. Stat. §40-14-341, may not contract for a loan finance rate greater than 21% on the unpaid principal balance. Wyo. Stat. §40-14-348. For lenders who are not supervised financial organizations or have no license to make supervised loans, a loan finance charge cannot exceed 10% per annum based on the unpaid principal balance. Wyo. Stat. §40-14-310.