3789

Notwithstanding any limitation or penalty established by law, any corporation which takes money on loan may contract, incur liabilities and take money on loan, whether in the Commonwealth or in any other jurisdiction, at any interest rate which it deems acceptable. No debtor of this class, whether a domestic corporation or foreign corporation, may plead any statute against usury in any proceeding or legal action instituted for the purpose of enforcing payment or performance of any obligation arising out of a loan of such nature, whether or not the obligation is represented by a bond, promissory note, contract or any other signed document, assumed or secured by said debtor or any successor or assignee thereof. In that regard, the demand or receipt of interest at any rate so agreed shall not be condemned as a crime, nor may any proceeding to recover any sum of money paid in excess of the maximum legal interest rate or to make effective any other civil penalty be interposed because of usury.\nHistory —Dec. 16, 2009, No. 164, § 12.09.