§ 28-3315. Exemption of institutions of higher learning from usury law.

Current through October 23, 2012

Any institution of higher education located in the District of Columbia and described in the first sentence of section 101(a) of the Higher Education Amendments, approved October 7, 1998 (112 Stat. 1385; 20 U.S.C. § 1001(a)) (other than District of Columbia Teachers' College, Federal City College, Gallaudet College, and Howard University) may borrow money at such rates of interest as the institution may determine, without regard to the restrictions of any usury law applicable in the District of Columbia, and shall not plead any statutes against usury in any action.

                
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(July 2, 2011, D.C. Law 18-378, § 3(i)(3), 58 DCR 1720.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

2001 Ed., § 29-631.

1981 Ed., § 29-820.

1973 Ed., § 29-421.

Legislative History of Laws

For history of Law 18-378, see notes under § 28-3301.