12 U.S.C. § 85 : US Code - Section 85: Rate of interest on loans, discounts and purchases

Search 12 U.S.C. § 85 : US Code - Section 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 title 62 of the
Revised Statutes. 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 United States and the District
of Columbia shall be at the rate allowed by the laws of the
country, territory, dependency, province, dominion, insular
possession, or other political subdivision where the branch is
located. And the purchase, discount, or sale of a bona fide bill of
exchange, payable at another place than the place of such purchase,
discount, or sale, at not more than the current rate of exchange
for sight drafts in addition to the interest, shall not be
considered as taking or receiving a greater rate of interest.