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Usury Law

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Usury Law
Any law restricting banks, credit cards, and financial services companies from charging an excessive amount in interest. In 1978, the U.S. Supreme Court held that a company may charge the legal interest rate in the state in which it is registered, regardless of where the borrower lives. As a result, many American credit card companies are registered in South Dakota, which has quite loose restrictions.

usury law
A state law that restricts the interest rate that can be charged on specified types of loans.


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His recommendations include the reinstatement of usury laws to limit credit card and adjustable interest rate mortgages.
How can he possibly justify making all of us subject to usury laws while allowing corporations to run rampant over us with outrageous interest rates?
We need to enact a national usury law so that big banks can't charge outrageous interest rates and sky-high fees," he said.
 
 
 
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