Alabama Code 11-50-319. Exemption from usury and interest statutes
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Terms Used In Alabama Code 11-50-319
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
Each waterworks board now or hereafter organized under the provisions of this article is hereby exempted from the laws of the State of Alabama governing usury or prescribing or limiting interest rates, including, without limitation, the provisions of Chapter 8 of Title 8 of this Code.