Section 8-8-6 Maximum rates of interest — Exemption of debts incurred pursuant to National Housing Act or veterans' benefits. - Alabama Statutes

Section 8-8-6

Maximum rates of interest — Exemption of debts incurred pursuant to National Housing Act or veterans' benefits.

(a) All debts or extensions of credit incurred pursuant to any provision of the act of Congress known as the National Housing Act, as the same now exists or may hereafter be amended or supplemented, and all debts or extensions of credit incurred pursuant to any act of Congress relating to veterans' benefits, as the same now exists or may hereafter be amended or supplemented, are exempt from any law of this state relating to usury or prescribing or limiting interest rates.

(b) The provisions of this section are remedial and supersede the provisions of any other act limiting interest rates in any way contrary to the provisions hereof.

(Acts 1969, No. 3, p. 297.)