On May 23, the Texas Supreme Court issued an opinion holding that in determining whether a commercial loan is usurious under Texas state law, the “actuarial method” must be employed. This requires the applicable amount of...more
On September 27, the CFPB released its annual report on residential mortgage lending activity and trends for 2022. Under the Home Mortgage Disclosure Act (HMDA), the CFPB requires financial institutions to collect and provide...more
On June 23, in Soaring Pine v. Park St Grp, the Michigan Supreme Court held that under certain circumstances, a lender cannot avoid liability for charging illegally high interest rates by including a usury savings clause in...more
The California Supreme Court ruled on Monday, August 18, that an interest rate on a consumer loan in California could be deemed illegally high even if the loan is not subject to the state’s usury law.
Consumer loans of...more
8/28/2018
/ CA Supreme Court ,
CashCall ,
Consumer Financial Products ,
Consumer Lenders ,
Finance Lenders Law ,
Financial Services Industry ,
High-Interest Loans ,
Interest Rates ,
Unconscionable Contracts ,
Unfair Competition Law (UCL) ,
Usury
Google announced on May 11 that effective on July 13, 2016 it will ban all payday loan advertisements from its site. Google was responding to concerns raised by consumer advocates who argued that the lending practice...more