§ 501. Excessive interest need not be paid
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 41 P.S. Interest
41 P.S. § 501
§ 501. Excessive interest need not be paid
When a rate of interest for the loan or use of money, exceeding that provided by this act or otherwise by law shall have been reserved or contracted for, the borrower or debtor shall not be required to pay to the creditor the excess over such maximum interest rate and it shall be lawful for such borrower or debtor, at his option, to retain and deduct such excess from the amount of such debt providing the borrower or debtor gives notice of the asserted excess to the creditor.
Credits
1974, Jan. 30, P.L. 13, No. 6, § 501, imd. effective.
41 P.S. § 501, PA ST 41 P.S. § 501
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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