Introduction sectionUsury, "threshold" rates defined for lending operations for the third quarter of 2020
Usury, "threshold" rates defined for lending operations for the third quarter of 2020
The Department of the Treasury Directorate in charge of preventing illegal use of the financial system today announced the new "threshold rates" for lending operations, valid between July and September 2020, i.e. the rates above which any interest shall always be considered usurious by law (Art. 644, paragraph 3, of the Italian penal code, Art. 2, Italian Law no. 108/1996).
The decree that will be published in the Gazzetta Ufficiale (Official Journal of the Italian Republic) on 30 June contains the average global effective rates (in Italian: “Tassi effettivi globali medi” or “TEGM”) for lending operations, in turn identified in the annual decree passed by the Department of the Treasury; by means of example, lending operations may refer to opening a current-account credit facility, overdrafts, financing, leasing, mortgages, loans, revolving credit and other types of financing or loans.
The "decree identifying lending operations" and the "decree on threshold rates" are both displayed in all banks as well as being published on this website on the page dedicated to Decrees on lending operations and usurious rates.