Pawnbrokers Act 1703
PAWNBROKERS ACT 1703 | ||
CHAP. XVI. | ||
An Act for reducing of interest of money to eight per cent for the future. | ||
21 J. 1. 17. Eng. | ||
12 G. 2. 13. Eng. | ||
12 Anne 16. stat. 2. Eng. | ||
10 per cent. 17 10 G. 1. 22. sess. 2. | ||
7 by 8 G. 1. 13. | ||
6 by 5 G. 2. 7. | ||
Abatement in value of lands and merchandise of this kingdom: | ||
Increase of debts from so high interest as ten per cent. | ||
After the twenty fifth of March 1704, not above eight per cent. shall be taken for loan of money, &c | ||
Bonds and contracts for more, void; | ||
Penalty treble value. | ||
WHEREAS at this time there is a very great abatement in the value of land, and all merchandizes, wares, and commodities of this kingdom, both at home and also in foreign parts, whither they are transported: and where as 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 imployments, have borrowed and do borrow divers sums of money, wares, merchandizes, and other commodities; but by reason of the said general fall and abatement of the value of land, and the prices of the said merchandizes, wares, and commodities, and interest in loan continuing at so high a rate as ten pounds in the hundred pounds for a year, doth not only make men unable to pay their debts and continue the maintenance of trade, but their debts daily increasing, they are forced to sell their lands and stocks at very low rates, to forsake the use of merchandize and trade, and to give over their leases and farms, and so become unprofitable members of the common wealth, and to the great hurt and hindrance of the same: be it therefore enacted by the Queen’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 authority of the same, That no person or persons whatsoever from and after the five and twentieth day of March, which shall be in the year of our Lord one thousand seven hundred and four, upon any contract to be made after the said twenty fifth day of March, shall take directly or indirectly for loan of any moneys, wares, merchandizes, or other commodities whatsoever, above the value of eight 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 eight pounds in the hundred as aforesaid, shall be utterly void; and that all and every person and persons whatsoever, which shall after the time aforesaid upon any contract to be made after the said twenty fifth day of March, which shall be in the year of our Lord one thousand seven hundred and four, take, accept, and receive by way or means of any corrupt bargain, loan, exchange, chevisance, shift, or interest of any wares, merchandize, 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 eight 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 moneys, wares, merchandizes, and other things so lent, bargained, sold, exchanged, or shifted. |