Written By Michael Reign on Thursday, January 2, 2014 | 12:10 AM

A lending practice utilized by financial institutions whereby the levying of exorbitant surcharges/ fees in the form of interest payments functions primarily as a deterrent for monetary payments received beyond their date of expectancy. The concept of usury in its present incarnation can be applied to several facets of the prevailing socio-economic exemplar, most notably the Internal Revenue Code of Taxation (A system of monetary expropriation emphasizing the confiscation of earned income in accordance with a predetermined rate of inflation as dictated by the Federal Reserve).

WRITTEN ADDENDUM - While the current tax code serves as the most egregious example of a system whose fundamental precepts are governed under a practice of legislative usury, there are others of note that bear mention: the fractional reserve banking system in its entirety, credit based systems of monetary transaction, loan service agency policies, deliberately concealed compound interest rates, repurchase agreements, etcetera. It is important to note that since 1980, when financial institutions whose name included the word “National”, the acronymic abbreviation of ‘N.A.’, or savings and loan institutions that were Federally chartered were made exempt from legislative regulations restricting their abilities to engage in usurious transactions.
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