Monthly Archives: May 2016

Proposed Legislation Would Delay Issuance of CFPB Payday Loan Rules

The CFPB is expected to propose its new payday loan rule next week. The rule is expected to significantly curtail payday loan products that charge more than 36% interest. Legislation recently proposed by South Carolina Representative John Mulvaney would delay the … Continue reading

Posted in CFPB, States | Comments Off on Proposed Legislation Would Delay Issuance of CFPB Payday Loan Rules

Court Finds Contract to Be Sale of Property Not Loan of Money, Usury Claim Rejected

A buyer purchased an apartment from a seller. The contract for deed required the buyer to make a down payment and 180 equal monthly payments of amortized principal and interest.  Following the last payment, title to the apartment would pass from … Continue reading

Posted in Civil Usury, Sale vs. Loan, State Court, Texas | Comments Off on Court Finds Contract to Be Sale of Property Not Loan of Money, Usury Claim Rejected