Washington Code 63.10.060 – Defense or action of usury — Limitations
Current as of: 2023 | Check for updates
|
Other versions
No person may plead the defense of usury or maintain any action thereon based upon a transaction heretofore entered into if such transaction:
Terms Used In Washington Code 63.10.060
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- lessee: means a natural person who leases or is offered a consumer lease. See Washington Code 63.10.020
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
(1) Constitutes a “consumer lease” as defined in RCW 63.10.020; or
(2) Would constitute such a consumer lease but for the fact that:
(i) The lessee was not a natural person;
(ii) The lease was not primarily for personal, family, or household purposes; or
(iii) The total contractual obligation exceeded twenty-five thousand dollars.
[ 1983 c 158 § 8.]