Loading ...
Sorry, an error occurred while loading the content.
 

Re: [tips_and_tricks] Case on violation of usury laws

Expand Messages
  • 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 1 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
      No virus found in this outgoing message.
      Checked by AVG Anti-Virus.
      Version: 7.0.308 / Virus Database: 266.11.2 - Release Date: 5/2/2005

      __________________________________________________
      Do You Yahoo!?
      Tired of spam? Yahoo! Mail has the best spam protection around
      http://mail.yahoo.com

    Your message has been successfully submitted and would be delivered to recipients shortly.