Interest Rate Reduction Act of 1982

[AI summary unavailable — showing source text] Interest Rate Reduction Act of 1982 - Prohibits any officer or employee of the United States from selling any debt obligation of the United States bearing interest at a rate, or at a discount from face value yielding a rate of return greater than: (1) 15 percent; or (2) one-fourth of one percent less than the average auction price for Treasury bills at the auction held the week prior to the date of the enactment of this Act, whichever is lower. Sets forth the formula for reducing the maximum interest rate or yield after such date and for maintaining such maximum interest rate or yield at such level. Declares that the maximum legal rate of interest shall not be greater than five percent above such currently effective rate. Makes all contracts and assurances for the loan or forbearance in money or other thing of value at more than the legal rate of interest void as to the excess of interest over the legal rate. Permits the principal, with legal rate of interest, to be recovered on any such contract or assurance, but not the excess of interest. Permits such excess of interest, if already paid, to be recovered from the lender or forbearer even though payment was made to an assignee. De…