Usury Act 1660 Usury Act 1660 The Usury Act 1660 is an Act of the Parliament of England (12 Car. II. c. 13) with the long title "An Act for restraining the taking of Excessive Usury". The purpose of the Act was to reduce the interest rate from 8% to 6%. The legislation had been enacted in 1651 under the Commonwealth, but this Act was passed to confer legality on the measure following the Restoration of Charles II after the English Civil War. It was amended by the Usury Act 1840 (3&4 Vict, c.83), the Usury Act 1841 (4&5 Vict, c.54), the Usury
Kingdom of England cast down by Parliament in 1645 and 1688. In the first instance, Charles I's introduction of new forms of taxation in defiance of Parliament led to the English Civil War (1641–45), in which the king was defeated, and to the abolition of the monarchy under Oliver Cromwell during the interregnum of 1649–1660. Henceforth, the monarch could reign only at the will of Parliament. After the trial and execution of Charles I in January 1649, the Rump Parliament passed an on 19 May 1649. The monarchy and the House of Lords were abolished, and so the House of Commons became a