Pawnbrokers Act 1721
PAWNBROKERS ACT 1721 | ||
CHAP. XIII. | ||
An Act for reducing the interest of money to seven per cent. | ||
10 C.1. 22. sess. 2. 10 per cent. | ||
2. Anne 16. 8 per cent. | ||
5 G. 2. 7. 6 per cent. | ||
21 J. 1. 17. Eng. | ||
12 C. 2. 13. Eng. | ||
12 Anne 16. stat. 2. Eng. | ||
Abatement in value of merchandise, debts increasing from so high interest as 8 per cent, men forced to sell their goods at very low rates, and forsake trade. | ||
After 25 March 1722 on any contract none shall take for loan of money or commodities above 7 per cent. | ||
Bonds and contracts where more reserved, void. | ||
Penalty treble value on persons taking more by any corrupt bargain, loan, exchange or any covin. | ||
WHEREAS at this time there is a very great abatement in the value of divers merchandizes, wares, and commodities of this kingdom both at home and also in foreign parts, whither they are transported: and whereas divers subjects of this kingdom, as well the gentry, as merchants, farmers, and tradesmen, both for their urgent and necessary occasions for the following their trades, maintenance of their stocks and employments, have borrowed, and do borrow, divers sums of money, wares, merchandizes, and other commodities: but by reason of the said fall and abatement of the prices of the said merchandizes, wares, and commodities, an interest on loan, continuing at so high a rate as eight pounds in the hundred pounds for a year, doth not only make men unable to pay their debts, and continue their trade, but their debts daily encreasing, they are forced to sell their goods at very low rates, to forsake the use of merchandize and trade, and so become unprofitable members of the commonwealth, to the great hurt and hinderancc of the same: be it therefore enacted by the King’s most excellent Majesty, by and with the advice and consent of the lords spiritual and temporal and commons in this present Parliament assembled, and by the authority of the same. That no person or persons whatsoever from and after the twenty fifth day of March, which will be in the year of our Lord one thousand seven hundred and twenty two, upon any contract, to be made after the said twenty fifth day of March one thousand seven hundred and twenty two, shall take directly or indirectly for loan of any monies, wares, merchandizes, or other commodities whatsoever, above the value of seven pounds for the forbearance of one hundred pounds for a year, and so after that rate for a greater or lesser sum, or for a longer or shorter time; and that all bonds, contracts, and assurances whatsoever, made after the time aforesaid for payment of any principal, or money to be lent, or covenant to be performed upon or for any loan, whereupon or whereby there shall be taken or reserved above the rate of seven pounds in the hundred as aforesaid, shall be utterly void: and that all and every person or persons whatsoever, which shall after the time aforesaid upon any contract to be made after rhe said twenty fifth day of March, which shall be in the year of our Lord one thousand seven hundred and twenty two, take, accept, and receive by way or means of any corrupt bargain, loan, exchange, chevizance, whift, or interest, of any wares, merchandizes, or other thing or things whatsoever, or by any deceitful way or means, or by any covin, engine, or deceitful conveyance for the forbearing or giving day of payment for one whole year, of or for their money, or other thing, above the sum of seven pounds for the forbearing of one hundred pounds for a year, and so after that rate for a greater or lesser sum, or for a longer or shorter time, shall forfeit and lose for every such offence the treble value of the monies, wares, merchandizes, and other things so lent, bargained, sold, exchanged, or whifted. |