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This entry was published on 2014-09-22
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Effect of usury
§ 380-e. Effect of usury. The knowingly taking, receiving, reserving,
or charging by a savings and loan association of interest, as computed
pursuant to this article, at a rate greater than such rate of interest
as may be authorized by law shall be held and adjudged a forfeiture of
the entire interest which the note or other evidence of debt carries
with it, or which has been agreed to be paid thereon. If such greater
rate of interest has been paid, the person paying the same or his legal
representatives may recover from the savings and loan association twice
the entire amount of the interest thus paid. Nothing in this section
shall be deemed to affect the powers of any savings and loan association
with respect to loans or investments it is authorized to make.