What is the nearest meaning of usury?

Definition of usury 1 : the lending of money with an interest charge for its use especially : the lending of money at exorbitant interest rates. 2 : an unconscionable or exorbitant rate or amount of interest specifically : interest in excess of a legal rate charged to a borrower for the use of money. 3 archaic : …

What do usury laws apply to?

Usury laws are regulations governing the amount of interest that can be charged on a loan. Usury laws specifically target the practice of charging excessively high rates on loans by setting caps on the maximum amount of interest that can be levied. These laws are designed to protect consumers.

What is the punishment of usury?

Penalties. The lender on a usurious loan is subject to the following civil penalties: (1) forfeiture to the borrower of all interest on the loan, not just the usurious part; and (2) payment to the borrower of triple the amount of interest collected in the year before the borrower brings suit.

Is usury legal in India?

Predatory lending in India is controlled by the Usurious Loan Act, 1918. The objective of the Act is to protect borrowers from avaricious money lenders who, taking advantage of borrowers in need of money, charge excessively high rate of interest. The Usurious Loan Act, 1918 mainly applies lending by private parties.

What is the meaning of the word accommodate?

Definition of accommodate. transitive verb. 1 : to provide with something desired, needed, or suited I needed money, and they accommodated me with a loan.

What does it mean to accommodate a debt?

Legal Definition of accommodate. 2 : to accept without compensation responsibility for a debt of (another person) in the event of nonpayment as a way of reassuring a reluctant creditor — see also accommodation paper at paper, accommodation party at party sense 1a.

What is the meaning of accommodation?

2 a : to make room for rebuilt the ship to accommodate the bigger containers b : to hold without crowding or inconvenience a hotel that can accommodate about 100 people 3 : to bring into agreement or concord : reconcile Investors quickly accommodated themselves to the new market conditions.