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Principal Balance

Procopio, Cory, Hargreaves & Savitch LLP

California Appellate Court Invalidates the Ability to Obtain Default Interest on Loans That Have Not Matured

When a late fee is assessed upon the entire principal balance of the loan, is it invalid when the loan is not fully matured? This question, so important to lenders, has been addressed in California after the conclusion of...more

Seward & Kissel LLP

Promissory Notes

Seward & Kissel LLP on

A promissory note, in its simplest form, is an instrument by which a Borrower (the Maker) acknowledges its obligation to repay the Lender (the Payee). Historically, Lenders required Borrowers to enter into both a credit...more

Ballard Spahr LLP

Seventh Circuit: Reference to Amount of Static Debt as 'Current Balance' Didn't Violate FDCPA

Ballard Spahr LLP on

The Seventh Circuit held in Koehn v. Delta Outsource Group, Inc., et al. that using the term “current balance” in a collection letter to reference a static amount of debt was not misleading and did not violate the Fair Debt...more

Locke Lord LLP

Texas Voters Ratify Amendment to Texas Constitution’s Home-Equity Lending Provisions

Locke Lord LLP on

On November 7, 2016, Texas voters passed Proposition 2, which amends several familiar requirements for home-equity loans under Article XVI, Section 50 of the Texas Constitution, and which bids adieu to the old adage: “once a...more

Smith Debnam Narron Drake Saintsing & Myers,...

Mortgage Servicer’s Transfer Notice Violates FDCPA

Mortgage servicers need to carefully review their Transfer Notices when the debt is in default at the time of transfer. In an unpublished decision, the Eastern District of New York recently held that a “Notice of Servicing...more

K&L Gates LLP

A Careful Balancing Act: Second Circuit Requires Debt Collectors to Disclose When a Consumer’s Current Balance May Increase Due to...

K&L Gates LLP on

In Avila v. Riexinger & Associates, LLC, No. 15-1584, --- F.3d ---, 2016 WL 1104776 (2d Cir. Mar. 22, 2016), the Second Circuit Court of Appeals construed the scope of Section 1692e of the Fair Debt Collection Practices Act...more

Gray Reed

Your Last Resort: The Unpaid Account

Gray Reed on

A suit on an unpaid account against your customer will likely entitle you to the principal balance plus interest and attorney fees. But a suit on an unpaid account is only as good as your customer’s ability to satisfy the...more

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