Category Archives: D.C.

Multiple State Regulators Challenging Lender’s Use of Choice of Law Clause in Usury Enforcement Actions

A growing number of state regulators are challenging the use of choice of law provisions as a method of usury law compliance. On August 27, 2015, the Attorney General of North Carolina was granted an injunction against Western Sky Financial … Continue reading

Posted in Attorney General, Choice-of-Law, Civil Usury, Criminal Usury, D.C., Massachusetts, North Carolina, Tribal Immunity | Comments Off on Multiple State Regulators Challenging Lender’s Use of Choice of Law Clause in Usury Enforcement Actions

Usury Law: No Easy Answers

The law of usury contains a myriad of exceptions and exemptions that can often confound even the most studious practitioner.   To find an example of the confusion that the subject often creates, we need look no further than two decisions issued … Continue reading

Posted in D.C., Federal Court, Nevada | Comments Off on Usury Law: No Easy Answers

3,600% Interest Rate Unconscionable and Against D.C. Public Policy

Adduci v. Krane, 2015 U.S. Dist. LEXIS 13078 (D.D.C. Feb. 4, 2015) A business loan of $100,000 required a “Loan Exit Fee” of $900,000 be paid at the end of a three month term.  Unsurprisingly, Magistrate Judge Alan Kay found … Continue reading

Posted in D.C., Federal Court, Interest Calculation, Unconscionability | Comments Off on 3,600% Interest Rate Unconscionable and Against D.C. Public Policy