Ne quis matuum dans agricolae teneat illius terram, et quantam usuram ab agricolis accipere debeant.
A person loaning money to a farmer shall not hold his land; and as to the interest to be charged them.
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We have deemed it proper to correct a grave situation, one exceeding all ungodliness and avarice, by a general law. For we have learned that some persons, taking advantage of bad crops, have made loans on interest, and though such loans consisted of only a small amount of fruits, the creditors have dared to take possession of all of the land of the debtors, so that some farmers have fled, and others have died of famine, thereby producing a ruin not less terrible than an invasion of barbarians. We, therefore, ordain that if anyone has loaned dry fruits to another, of whatever kind they may be, he shall, when he receives that back without addition, return the little pieces of land to the farmers, and no one shall dare to detain such land under pretence of such loan, whether the contract in reference thereto is in writing or not in writing; but if the loan consisted of fruits, the creditor is entitled to receive yearly as interest, the eighth part of the principle; if the loan consisted of money, only one twenty fourth may be charged. Creditors must hereafter be content to receive as interest each year the eighth part of a bushel for each bushel loaned and with twenty five pence for every six pounds, in case the loan is for money – the same proportion obtaining for whatever time the loan remains – and must return upon the payment of the loan the land or whatever else, like cattle or sheep, they may have received in pledge. And this law, humane and beneficial, relieving the distress of the poor, and granting creditors a reasonable profit, shall apply to all. Each creditor must know that if he violates any of these provisions, he will lose the right to recover his loan, and the person who received it and was subsequently wronged will receive as solace the fact that he will be released from the transaction and will see the creditor suffer his loss.
Given 15 June 535.