State usury laws
as they relate to certain loans made after March 31, 1980, may be preempted by this Act.
We no longer have an Interstate Commerce Commission, a Civil Aeronautics Board, restrictions on branch banking, mortgage usury laws
, or environmental regulations that forbid plant operators from minimizing cost across multiple emission sources, just to mention a few changes for the better.
In Madden, however, the Second Circuit, apparently disregarding the valid-when-made principle, concluded that a defaulted and uncollected credit card debt originated and later sold by a national bank to a debt collector that carried an interest rate that was permitted under the usury laws
of the bank's home state, may have become usurious under the laws of the debtor's home state or governing law of the state specified in the credit card agreement when the debt collector sought to collect on the debt.
In any of the foregoing cases, any money, fruits, or other benefit to be received by the vendee as rent or otherwise shall be considered as interest which shall be subject to the usury laws
Entering into a payment agreement with a former client that includes interest in the unpaid balance may impact ability to collect due to usury laws
NAFCU believes that, in addition to modernizing rules, financial regulators must also require online market lenders to meet the basic consumer protection requirements such as the Truth in Lending Act, underwriting standards for loans, and applicable state usury laws
, just as credit unions must do now," Thaler said in the letter.
Over the nineteenth century, usury laws
waxed and waned; many states repealed them, only to bring them back.
Midland Funding, a case that tests whether state-level usury laws
apply nationally to nonbanks.
Instead it will 'examine' the law of contract 'through some key themes' which include, perhaps most explicitly, 'wider debates including the supposed needs of merchants, the usury laws
and the morality of gambling'--a somewhat eclectic set of choices, reinforcing from the beginning that general lessons are not being sought.
do not apply to the initial overdraft fee because it is considered a service charge and not a loan.
Notwithstanding modern liberalization of usury laws
, the idea that usury is a problem remains "alive and well although in a state of semi-hibernation" (332).
Such a clause reflects an intent by the parties to comply with usury laws
and indicates a spreading of interest should be used to avoid a charge of usury.