Act Defining and Punishing Usury

WAEMU

(enacted in 1983)

The Act Defining and Punishing Usury (Loi Portant Définition et Répression de l’Usure) briefly explains the legal rate of interest and defines a usury loan, which is a loan that exceeds the percentage rate determined by the Council of Ministers of the West African Economic and Monetary Union (WAEMU).

DISCLAIMER: Due to the fact that an official English translation was unavailable for this act, information for this summary has been taken from secondary sources and unofficial translations and not from review of the actual legal text.