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.