USURY


Meaning of USURY in English

n.

In law, the crime of charging an unlawfully high rate of interest .

In Old English law, the taking of any compensation whatsoever was termed usury. With the expansion of trade in the 13th century, the demand for credit increased, necessitating a modification in the definition of the term. In 1545 England fixed a legal maximum interest, a practice later followed by other Western nations.

Britannica Concise Encyclopedia.      Краткая энциклопедия Британика.