54-3-1.1 Rate of interest set by written agreement--No maximum or usury restriction.
Rate of interest set by written agreement--No maximum or usury restriction.
a maximum interest rate or charge is specifically established elsewhere in the code, there is no
maximum interest rate or charge, or usury rate restriction between or among persons, corporations,
limited liability companies, estates, fiduciaries, associations, or any other entities if they establish
the interest rate or charge by written agreement. A written agreement is a document in writing,
whether in physical or electronic form, in which the parties have demonstrated their agreement to
the terms and conditions of an extension of credit, including the rate of interest. A written agreement
includes the contract created by § 54-11-9.
Source: SL 1982, ch 341, § 1; SL 1987, ch 360, § 4; SL 1994, ch 351, § 147; SL 2016, ch 229, § 1.