Arizona § 44-1203 Application to principal of payments made upon interest contracted in excess of the maximum permitted by law; judgment in action to recover obligation involving usurious interest limited to amount due on principal

Arizona Statutes

§ 44-1203 — Application to principal of payments made upon interest contracted in excess of the maximum permitted by law; judgment in action to recover obligation involving usurious interest limited to amount due on principal

Arizona § 44-1203

Title 44Arizona Revised Statutes

Ch. 9TRADE PRACTICES GENERALLY

Art. 1Miscellaneous Provisions Relating to Loans

This text of Arizona § 44-1203 (Application to principal of payments made upon interest contracted in excess of the maximum permitted by law; judgment in action to recover obligation involving usurious interest limited to amount due on principal) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 44-1203 (2026).

Text

Where a rate of interest greater than the maximum permitted by law is contracted for, reserved or received, directly or indirectly, all payments of money or property made on account of such interest, or as inducements to contract for more than the maximum permitted by law, whether made in advance or not, shall be deemed payments made on account of the principal. In an action brought to recover the amount of the obligation the court shall give judgment for no greater amount than the balance determined to be due upon the principal, without interest, after deducting such payments.

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Where a rate of interest greater than the maximum permitted by law is contracted for, reserved or received, directly or indirectly, all payments of money or property made on account of such interest, or as inducements to contract for more than the maximum permitted by law, whether made in advance or not, shall be deemed payments made on account of the principal. In an action brought to recover the amount of the obligation the court shall give judgment for no greater amount than the balance determined to be due upon the principal, without interest, after deducting such payments.