News & Analysis as of

Lenders Usury

King & Spalding

Ninth Circuit Addresses Issue of First Impression Concerning the Usury Defense Under California Law

King & Spalding on

On May 25, 2023, the U.S. Court of Appeals for the Ninth Circuit, in a two-to-one split decision, held that an exemption to California’s usury laws for certain “aggregate” loan amounts applies only to indebtedness of a single...more

Orrick, Herrington & Sutcliffe LLP

Michigan Supreme Court limits applicability of “usury savings clauses”

On June 23, the Michigan Supreme Court reversed a circuit court’s decision on a case involving Michigan’s “longstanding prohibition on excessive interest rates for certain loans.” The case involved a “usury savings clause,”...more

Troutman Pepper

DC OAG Resolves Alleged Usury and Deceptive Acts Violations With Community Lending Platform

Troutman Pepper on

On May 10, SoLo Funds, Inc. (Solo), one of the largest community lending platforms in the United States, entered into a settlement with the District of Columbia attorney general (OAG). The settlement resolves claims that the...more

Orrick, Herrington & Sutcliffe LLP

4th Circuit affirms certification of class action in tribal lending case

On January 24, the U.S. Court of Appeals for the Fourth Circuit concluded that a district court did not abuse its discretion when certifying a class action. The lawsuit alleges an individual who orchestrated an online payday...more

King & Spalding

Rhode Island Court Upholds Usury Penalty (Without Interest) Against Lender

King & Spalding on

On April 1, 2022, the Superior Court of Rhode Island, Providence County, granted partial summary judgment in favor of receivership plaintiffs for statutory damages related to usurious loans in an amount equal to all payments...more

Allen Matkins

Court: OTC Company Has The Capacity To Protect Its Own Interests

Allen Matkins on

Notably, California has a constitutional limitation on interest rates (Cal. Const. Art. XV, Section 1).   Section 25118 exempts certain evidences of indebtedness that meet specified conditions.  One of these conditions is...more

Ballard Spahr LLP

Third Circuit holds application of PA usury law to auto loans made to PA residents at out-of-state locations does not violate...

Ballard Spahr LLP on

The U.S. Court of Appeals for the Third Circuit recently ruled that the application of Pennsylvania usury laws to auto title loans made to Pennsylvania residents who travel outside of Pennsylvania to obtain such loans does...more

Miller Canfield

Commitment Fees Might Constitute Interest Under Michigan Law

Miller Canfield on

Lenders often include fees in loan transactions in addition to an interest rate. Typically such fees are not considered interest, as they compensate the lender for various services or commitments provided under the loan...more

Manatt, Phelps & Phillips, LLP

Consent Order Confirms California MCA Enforcement Campaign

On November 12, 2020, the California Department of Financial Protection and Innovation (DFPI) (until recently called the Department of Business Oversight) entered into a consent order with Allup Finance LLC (Allup) finding...more

Goodwin

California Department of Business Oversight Investigates Auto Title Lender For Possible Usury

Goodwin on

On September 3, 2020, the California Department of Business Oversight (“DBO”) announced it had initiated an investigation into an auto title lender for possible violations of California’s state usury limits, through its...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Late Penalties on Loan Payments in Arkansas – What's the Rule?

A frequently asked question in the lending community is whether there is an established amount regarding the maximum late fee that can be charged for a late payment made on a loan in Arkansas. Unfortunately, the answer to...more

Carlton Fields

Clarity on Application of California Usury Law: Insurers Not Subject to Compound Interest Limitations

Carlton Fields on

The California Supreme Court recently handed Northwestern Mutual Life Insurance Co. a decisive victory in a putative class action challenging the insurer’s assessment of compound interest on policy loans, holding that...more

Allen Matkins

Supreme Court: 1934 Amendment Repeals 1918 Limitation On Compound Interest

Allen Matkins on

The same year that the Great War ended, the voters of California approved an initiative measure governing allowable interest rates. This initiative remains uncodified but West Publisher designates these statutes as Civil Code...more

Burr & Forman

Eleventh Circuit Finds Forum Selection Clause and Class Action Waiver in Payday Loan Agreements Unenforceable as against Georgia...

Burr & Forman on

In Davis v. Oasis Legal Fin. Operating Co., LLC, 18-10526, 2019 WL 4051592 (11th Cir. Aug. 28, 2019), the U.S. Court of Appeals for the Eleventh Circuit (“Eleventh Circuit”) affirmed a decision in the U.S. District Court for...more

White & Case LLP

Consumer financial services: The road ahead: Small-dollar loans

White & Case LLP on

In February 2019, the CFPB released the highly anticipated revamp of its Payday Rule, reinforcing its more lenient attitude towards payday lenders. In light of the Bureau’s softer touch, as well as similar developments at the...more

Manatt, Phelps & Phillips, LLP

Passive Investors in Payday Lending Operations Get Partial Reprieve

While tossing certain claims brought by Pennsylvania’s attorney general, a federal judge denied part of a motion to dismiss brought by online short-term lenders in an action accusing them of “renting” Native American tribes...more

Patterson Belknap Webb & Tyler LLP

When is a Working Capital Agreement a Loan? It Depends on Your Claim

Suppose you’ve entered into a financial arrangement that resembles a lending agreement, but it is not formally designated as such, and you think you’re paying too much....more

Troutman Pepper

New York Case Is a Win for the Merchant Cash Advance Industry

Troutman Pepper on

Providers of cash advances repaid by sales of future receivables in New York can have greater confidence that these advances are not loans and are not subject to usury laws. On March 16, the Supreme Court of New York,...more

Orrick, Herrington & Sutcliffe LLP

Class Action Against Lending Club and WebBank Headed to Defeat

On Monday, a federal district court in the Southern District of New York granted a motion to compel arbitration in Bethune v. Lending Club Corporation, et al., a closely watched putative class action raising important issues...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Financial Industry Developments - Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers - This past Thursday, September 22, a federal district court in the...more

Orrick, Herrington & Sutcliffe LLP

Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers

This past Thursday, September 22, a federal district court in the Central District of California dismissed an action raising usury claims against several student loan servicers, rejecting the plaintiffs' arguments based on...more

Dechert LLP

Implications of Madden v. Midland Funding

Dechert LLP on

In earlier client OnPoints, we have provided a comprehensive review of recent developments in the U.S. affecting the marketplace lending industry, including the potentially far-reaching Madden v. Midland Funding, LLC case...more

Goodwin

Online Fast Cash Lenders to Pay $9 Million to Settle Claims of Illegal Lending to North Carolina Consumers

Goodwin on

On June 21, 2016, the North Carolina Attorney General announced that two online fast cash lenders have agreed to pay more than $9 million in refunds for allegedly illegal loans issued to North Carolina consumers. The...more

Goodwin

Colorado Attorney General Announces Lenders Will Return $8 Million to Consumers over Alleged Usurious Loans

Goodwin on

On June 8, 2016, the Colorado Attorney General announced that several national lenders were ordered to pay approximately $8 million in restitution to Colorado consumers over alleged usurious loans, which violated Colorado’s...more

McGuireWoods LLP

CFPB Online Loan Suit Sent to California

McGuireWoods LLP on

In the most recent development in the CFPB’s two-year-old lawsuit alleging unfair, deceptive, and abusive practices by several online lenders, on September 23, 2015, Massachusetts U.S. District Judge George O’Toole, Jr.,...more

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