Loansharking Law & Legal Definition
Loansharking is the practice of lending money at exorbitant interest rates, especially when financed and supported by an organized crime network. Loansharking usually involves threatening extortion to get repayment.
The following is an example of a state statute dealing with loansharking:
"A person who, in exchange for the loan of any property, knowingly or intentionally receives or contracts to receive from another person any consideration, at a rate greater than two (2) times the rate [allowed by state law] commits loansharking, a Class D felony. However, loansharking is a Class C felony if force or the threat of force is used to collect or to attempt to collect any of the property loaned or any of the consideration for the loan."
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