No natural or [juridical] person shall demand or receive in or for loans or renewals of money or merchandise, or in or for any kind of obligation, agreement or contract, directly or indirectly a rate of interest exceeding nine dollars ($9) annually on each one hundred dollars ($100) or on its equivalent in value, when the principal, the object of the loan or of the agreement, obligation or contract does not exceed $3,000 and eight dollars ($8) annually for each one hundred dollars ($100), when exceeding such amount. History —Oct. 15, 1973, No. 1, p. 849, § 1.
Puerto Rico Legal Code