§ 5-511 — Usurious contracts void

§ 5-511. Usurious contracts void. 1. All bonds, bills, notes,\nassurances, conveyances, all other contracts or securities whatsoever,\nexcept bottomry and respondentia bonds and contracts, and all deposits\nof goods or other things whatsoever, whereupon or whereby there shall be\nreserved or taken, or secured or agreed to be reserved or taken, any\ngreater sum, or greater value, for the loan or forbearance of any money,\ngoods or other things in action, than is prescribed in section 5-501,\nshall be void, except that the knowingly taking, receiving, reserving or\ncharging such a greater sum or greater value by a savings bank, a\nsavings and loan association or a federal savings and loan association\nshall only be held and adjudged a forfeiture of the entire interest\nwhich the loan or obligation carries with it or which has been agreed to\nbe paid thereon. If a greater sum or greater value has been paid, the\nperson paying the same or his legal representative may recover from the\nsavings bank, the savings and loan association or the federal savings\nand loan association twice the entire amount of the interest thus paid.\n 2. Except as provided in subdivision one, whenever it shall\nsatisfactorily appear by the admissions of the defendant, or by proof,\nthat any bond, bill, note, assurance, pledge, conveyance, contract,\nsecurity or any evidence of debt, has been taken or received in\nviolation of the foregoing provisions, the court shall declare the same\nto be void, and enjoin any prosecution thereon, and order the same to be\nsurrendered and cancelled.\n