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Case on violation of usury laws

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  • paradoxmagnus@earthlink.net
    Anyone have this case. Since the DOJ cites it, it appears to be real. Ryan v. Motor Credit Co., 130 N.J. Eq. 531, 23 A.2d 607 (Ch. 1941), aff d, 132 N.J. Eq.
    Message 1 of 2 , May 3, 2005
      Anyone have this case.  Since the DOJ cites it, it appears to be real.
       
      Ryan v. Motor Credit Co.,
      130 N.J. Eq. 531, 23 A.2d 607 (Ch. 1941), aff'd, 132
      N.J. Eq. 398, 28
      A.2d 181 (1942) (violation of usury laws).
       
      Thanks,
       
      Patrick in California
       
      It ain't what ya don't know that hurts ya. What really puts a hurtin'
      on ya is what ya knows for sure, that just ain't so. -- Uncle Remus
    • pd
      I don t know whether the case is valid for banks, lending institutions, credit card issuers, etc. due to the fact that every State terminated their usury laws
      Message 2 of 2 , May 3, 2005
        I don't know whether the case is valid for banks, lending institutions, credit card issuers, etc. due to the fact that every State terminated their usury laws in the 1970's to allow the proliferation of high priced credit instruments across the US.  Here in Nevada we have instant cash places that proudly proclaim (on a little card stuck high up close to the ceilings) their interest rates start at over 252% annualized.  You will have to check your State codes or statutes to determine the applicability of the usury laws.  I hope this helps.  pd

        paradoxmagnus@... wrote:
        Anyone have this case.  Since the DOJ cites it, it appears to be real.
         
        Ryan v. Motor Credit Co.,
        130 N.J. Eq. 531, 23 A.2d 607 (Ch. 1941), aff'd, 132
        N.J. Eq. 398, 28
        A.2d 181 (1942) (violation of usury laws).
         
        Thanks,
         
        Patrick in California
         
        It ain't what ya don't know that hurts ya. What really puts a hurtin'
        on ya is what ya knows for sure, that just ain't so. -- Uncle Remus
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