L'usura

This chapter offers a systematic and critically oriented analysis of the legal framework governing usury in banking contracts. After outlining the historical development of anti-usury legislation, particular attention is paid to the impact of the 1996 reform and to the scope and legal implications of the partial nullity prescribed by Article 1815, paragraph 2, of the Italian Civil Code.
The study examines the notion of concrete usury, its practical consequences within financial relationships, and the available remedial tools. These include the relationship between criminal usury and civil law remedies such as rescission, virtual nullity, and claims for damages. The chapter also addresses the timing for assessing the usurious nature of interest rates, emphasizing the legal irrelevance of supervening usury and the role of so-called “safeguard clauses.”
From a technical standpoint, the work investigates the structure and function of the TEGM (Average Global Effective Rate), the principle of comprehensiveness regarding chargeable costs, and the role of the margin between the TEGM and the usury threshold rate. It critically examines the rationale for this differential and the controversial “principle of symmetry.” Particular consideration is given to whether insurance policies should be included in the effective cost of credit (TEG), and the interpretive challenges this raises.
The final sections address the application of anti-usury rules to default interest rates (interessi moratori), offering a comparative review of case law and academic interpretations. The concluding reflections call for a broader reconsideration of the current anti-usury legal framework in light of ongoing interpretative uncertainties and its economic impact on the credit market.