Connecticut § 37-5 - Notes not to be accepted for greater amounts than loaned.
Full text of Connecticut Connecticut General Statutes § 37-5 — Notes not to be accepted for greater amounts than loaned., with citation guidance and answers to common questions.
§ 37-5. Notes not to be accepted for greater amounts than loaned.
Sec. 37-5. Notes not to be accepted for greater amounts than loaned. No person and no firm or corporation, or agent thereof, shall, with intent to evade the provisions of section 37-4, accept a note or notes for a greater amount than that actually loaned.
(1949 Rev., S. 6780.)
Unlawful intent as well as acceptance must be proved. 94 C. 148; 101 C. 558; 118 C. 4. Intent to violate statute as a matter of law. 130 C. 552. Cited. 113 C. 571; 117 C. 255; 120 C. 665; 123 C. 95; 126 C. 338. Transactions between plaintiff and defendant were sales of notes and contracts and not usurious even though interest exceeded 12 per cent. 139 C. 424. Cited. 145 C. 465. Unless the difference between the actual amount of the loan and the face amount of the note are explained to show that interest does not exceed 12 per cent, the loan is per se usurious and in violation of Sec. 37-4. 151 C. 21. Where lender was a 78-year-old woman and borrower, an astute businessman, persuaded lender not to seek legal counsel and to accept his note in an usurious amount, held no intent to evade provisions of Sec. 37-4. 153 C. 400. Cited. 172 C. 395; 188 C. 477; 211 C. 613.
Cited. 6 CA 691; 21 CA 131.
Cited. 1 CS 160. Does not apply to any loan made by any national bank or any state bank or trust company incorporated in Connecticut. 32 CS 245.
Source: official Connecticut text · Last verified 2026-08-27
Frequently Asked Questions About Connecticut § 37-5
What does Connecticut General Statutes § 37-5 cover?
Section 37-5 ("Notes not to be accepted for greater amounts than loaned.") is part of the Connecticut General Statutes, the codified statutory law of Connecticut. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Connecticut § 37-5?
A common citation format is "Connecticut General Statutes § 37-5" (Connecticut). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Connecticut law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Connecticut official source linked on this page or consult a licensed Connecticut attorney.
How does Connecticut § 37-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Connecticut can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Connecticut.