David M. Hunter


The concept of usury regulation is a well settled principle in the law, founded primarily upon the misguided perception of interest limitations as efficient and necessary legislation promoting the popular notion of consumer protection by cautiously supervising credit markets. Endowed with a lengthy history, limitations precluding the usurious assessment of interest charges have acquired a time-honored, almost sacred position in the statutory scheme of Ohio, as well as other states. This favored outlook toward usury laws is further bolstered by its ill-founded appeal as legislation in the best interests of the borrower. As a result, usury restrictions are often seen as traditional, protective legislation. A more sophisticated analysis of usury regulation in Ohio reveals that this is not the case.