Title
12. Banks and Banking
Chapter 2. National Banks
Regulation of the Banking Business; Powers and Duties of National Banks
12 U.S.C. § 85 (2002)
§ 85. Rate of interest on loans, discounts and purchases
Any association may take, receive, reserve, and charge on any loan or discount
made, or upon any notes, bills of exchange, or other evidences of debt,
interest at the rate allowed by the laws of the State, Territory, or District
where the bank is located, or at a rate of 1 per centum in excess of the
discount rate on ninety-day commercial paper in effect at the Federal reserve
bank in the Federal reserve district where the bank is located, whichever may
be the greater, and no more, except that where by the laws of any State a
different rate is limited for banks organized under State laws, the rate so
limited shall be allowed for associations organized or existing in any such State
under this title. When no rate is fixed by the laws of the State, or Territory,
or District, the bank may take, receive, reserve, or charge a rate not
exceeding 7 per centum, or 1 per centum in excess of the discount rate on
ninety-day commercial paper in effect at the Federal reserve bank in the
Federal reserve district where the bank is located, whichever may be the
greater, and such interest may be taken in advance, reckoning the days for
which the note, bill, or other evidence of debt has to run. The maximum amount
of interest or discount to be charged at a branch of an association located
outside of the States of the