Most states have usury laws (usually statutes) governing the amount of interest that can be charged on a loan. Usury laws vary from state to state, but the elements of a usury claim are generally: (1) a loan of money; (2) an absolute obligation to repay the principal; and (3) the exaction of a greater compensation than allowed by law for the use of the money by the borrower.

And interest means compensation for the use, forbearance, or detention of money. The term does not include time price differential, regardless of how it is denominated. The term does not include compensation or other amounts that are determined or stated by law not to constitute interest, or that are permitted to be contracted for, charged, or received in addition to interest in connection with an extension of credit.

Service charges, finance charges, and discount points are generally considered interest for purposes of usury. But contingent or uncertain charges are generally not considered interest.

In Maine, usury laws are codified under Title 9-A, the Maine Consumer Credit Code, which regulates the amount of interest that can be charged on loans. The legal maximum interest rate for loans that are not subject to other specific regulations is 6% per annum, as per Title 9-B, unless the parties agree in writing to a rate not exceeding the maximum rate set by the Treasurer of State. For consumer loans, Maine law allows for higher interest rates, subject to certain conditions and disclosures. The elements of a usury claim in Maine include: (1) the existence of a loan of money; (2) an absolute obligation on the part of the borrower to repay the principal amount; and (3) the lender charging an interest rate that exceeds what is permitted by Maine law. Charges that are considered interest include service charges, finance charges, and discount points, but do not include contingent or uncertain charges. It's important for lenders to comply with these regulations to avoid penalties and for borrowers to be aware of these limits to protect themselves from usurious practices.