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District of Columbia Interest Rates Laws
More Information on Interest Rate Laws
| Legal Maximum Rate of Interest | In absence of agreement: 6%/yr. (§28-3302); by contract in writing: Up to 24% (§28-3301) |
| Penalty for Usury (Unlawful Interest Rate) | Forfeiture of interest; usurious interest paid may be recovered (§28-3303; 3304) |
| Interest Rates on Judgments | 4% allowed on judgments against the District of Columbia, its officers, employees acting within scope of employment; where judgment is not against District of Columbia, its officers, or its employees acting within scope of employment or where interest is not fixed by contract the rate of interest shall be 70% of the rate set by the Secretary of Treasury (§28-3302, 26 USC §6621) |
| Exceptions | Federally insured bank or savings and loan and on direct motor vehicle installment loans (§§28-3308; 28-3601 to 3602) |
Note: State laws are constantly changing -- contact an attorney or conduct your own legal research to verify the state law(s) you are researching.
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