No person and no firm or corporation, or agent thereof, shall, with intent to evade the provisions of section 37-4, accept a note or notes for a greater amount than that actually loaned.
(1949 Rev., S. 6780.)
Unlawful intent as well as acceptance must be proved. 94 C. 148; 101 C. 558; 118 C. 4. Intent to violate statute as a matter of law. 130 C. 552. Cited. 113 C. 571; 117 C. 255; 120 C. 665; 123 C. 95; 126 C. 338. Transactions between plaintiff and defendant were sales of notes and contracts and not usurious even though interest exceeded 12 per cent. 139 C. 424. Cited. 145 C. 465. Unless the difference between the actual amount of the loan and the face amount of the note are explained to show that interest does not exceed 12 per cent, the loan is per se usurious and in violation of Sec. 37-4. 151 C. 21. Where lender was a 78-year-old woman and borrower, an astute businessman, persuaded lender not to seek legal counsel and to accept his note in an usurious amount, held no intent to evade provisions of Sec. 37-4. 153 C. 400. Cited. 172 C. 395; 188 C. 477; 211 C. 613.
Cited. 6 CA 691; 21 CA 131.
Cited. 1 CS 160. Does not apply to any loan made by any national bank or any state bank or trust company incorporated in Connecticut. 32 CS 245.
Structure Connecticut General Statutes
Section 37-1. - Legal rate. Accrual as addition to debt.
Section 37-1a. - Payment of interest on commercial loans in excess of ten thousand dollars.
Section 37-2. - No recovery after payment.
Section 37-3. - Rate recoverable as damages.
Section 37-3a. - Rate recoverable as damages. Rate on debt arising out of hospital services.
Section 37-3b. - Rate of interest recoverable in negligence actions.
Section 37-3c. - Rate of interest recoverable in condemnation cases.
Section 37-4. - Loans at greater rate than twelve per cent prohibited.
Section 37-5. - Notes not to be accepted for greater amounts than loaned.
Section 37-6. - Certain expenses not to be charged to the borrower.
Section 37-8. - Actions not to be brought on prohibited loans.