usury

usury
/yooh"zheuh ree/, n., pl. usuries.
1. the lending or practice of lending money at an exorbitant interest.
2. an exorbitant amount or rate of interest, esp. in excess of the legal rate.
3. Obs. interest paid for the use of money.
[1275-1325; ME usurie < ML usuria (cf. L usura), equiv. to L us(us) (see USE) + -ur(a) -URE + -ia -Y3]

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In law, the crime of charging an unlawfully high rate of interest.

In Old English law, the taking of any compensation whatsoever was termed usury. With the expansion of trade in the 13th century, the demand for credit increased, necessitating a modification in the definition of the term. In 1545 England fixed a legal maximum interest, a practice later followed by other Western nations.

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law
      in modern law, the practice of charging an illegal rate of interest for the loan of money. In Old English law, the taking of any compensation whatsoever was termed usury. With the expansion of trade in the 13th century, however, the demand for credit increased, necessitating a modification in the definition of the term. Usury then was applied to exorbitant or unconscionable interest rates. In 1545 England fixed a legal maximum interest; any amount in excess of the maximum was usury. The practice of setting a legal maximum on interest rates later was followed by most states of the United States and most other Western nations.

      In some Muslim countries the charging of interest is still forbidden, at least in theory. The Qurʾān, the Muslim holy book, prohibits the charging of interest, although various methods have been devised in order to circumvent the prohibition. For instance, a higher price may be charged for goods when payment is deferred than is charged if payment is made in advance or upon delivery.

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Universalium. 2010.

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  • Usury — (] In the 13th century Cardinal Hostiensis enumerated thirteen situations in which charging interest was not immoral. [cite journal | last = Roover | first = Raymond | title = The Scholastics, Usury, and Foreign Exchang | journal = Business… …   Wikipedia

  • usury — usu·ry / yü zhə rē/ n [Medieval Latin usuria interest, lending at exorbitant interest, alteration of Latin usura use, interest (i.e., sum paid for use of money), from usus use] 1: the lending of money at exorbitant interest rates; specif: the… …   Law dictionary

  • Usury — U su*ry, n. [OE. usurie, usure, F. usure, L. usura use, usury, interest, fr. uti, p. p. usus, to use. See {Use}, v. t.] [1913 Webster] 1. A premium or increase paid, or stipulated to be paid, for a loan, as of money; interest. [Obs. or Archaic]… …   The Collaborative International Dictionary of English

  • Usury — • Defines the church s view on money lending Catholic Encyclopedia. Kevin Knight. 2006. Usury     Usury     † …   Catholic encyclopedia

  • usury — u‧su‧ry [ˈjuːʒəri] noun [uncountable] formal FINANCE when someone lends people money and makes them pay an unfairly high rate of interest usurer noun [countable] * * * usury UK US /ˈjuːzjʊri/ US  / ʒɚI/ noun [U] …   Financial and business terms

  • usury — c.1300, from M.L. usuria, from L. usura usury, interest, from usus, from stem of uti (see USE (Cf. use)). Originally the practice of lending money at interest, later, at excessive rates of interest …   Etymology dictionary

  • usury — Excessive or illegal interest rates. (Dictionary of Canadian Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • usury — ► NOUN ▪ the practice of lending money at unreasonably high rates of interest. ORIGIN Latin usura, from usus a use …   English terms dictionary

  • usury — [yo͞o′zhə rē] n. pl. usuries [ME usurie < ML usuria < L usura < usus: see USE] 1. the act or practice of lending money at interest, now specif., at a rate of interest that is excessive or unlawfully high 2. interest at such a high rate …   English World dictionary

  • USURY — Biblical Law SOURCES If thou lend money to any of My people, even to the poor with thee, thou shalt not be to him as a creditor (nosheh), neither shall ye lay upon him interest (Ex. 22:24). And if thy brother be waxen poor and his means fail with …   Encyclopedia of Judaism

  • usury — An unlawful contract upon the loan of money, to receive the same again with exorbitant increase. Lassman v Jacobson, 125 Minn 218, 146 NW 350. The exaction, or an agreement for the exaction, of a greater sum for the loan, use, or forbearance of… …   Ballentine's law dictionary

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