In this interesting video presented by Fredrick P. Niemann, Esq. of Hanlon, Niemann & Wright, a NJ commercial and business law firm, the topic of usury (which means in commercial law, the charging of an interest rate which is unlawfully high) is addressed and how it impacts a creditor who makes such a loan.
Mr. Niemann advises that a business and/or individual who makes a usurious loan will be deprived of payment of interest on the entirety of the borrowed amount together with the costs of collection should the debt go into default for failure to make payment of the unlawful interest.
Mr. Niemann cites the statutes which control usury loans. This is a must watch video for anyone who contemplates making a high interest loan or who has already signed a high interest loan who faces the risk of legal collection.
By Fredrick P. Niemann, Esq., a NJ Business/Commercial Law Attorney