The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
44-1204 - Payments of interest on obligation involving more than the maximum permitted by law on counterclaim in action brought on obligation; action to recover payments of interest in excess of principal on usurious obligation
44-1204. Payments of interest on obligation involving more than the maximum permitted by law on counterclaim in action brought on obligation; action to recover payments of interest in excess of principal on usurious obligation
In an action to recover on an obligation whereby there is contracted for, reserved or taken, a greater rate of interest than the maximum permitted by law, all payments made in money or property may be pleaded as a counterclaim or set-off. If such payments exceed the amount of the principal, judgment may be given in favor of the defendant for the excess, with interest at the rate of ten per cent per annum. If such payments exceed the amount of the principal of the debt or obligation, an action may be maintained to recover the excess.