Category Archives: Florida

MCA Funder Fails to Defend Usury Counterclaim, Court Voids Agreement and Awards Damages to Defendants

An Florida MCA funder filed a breach of contract action against a business. The funder alleged that the business had failed to remit payments required by the merchant agreement. The funder sought to recover the amounts owed from the business … Continue reading

Posted in Criminal Usury, Florida, Merchant Cash Advance, Sale vs. Loan, State Court, Usury Cap | Comments Off on MCA Funder Fails to Defend Usury Counterclaim, Court Voids Agreement and Awards Damages to Defendants

Stipulated Settlement Waives Usury Defense

A Florida debtor entered into a series of business deals with a creditor to obtain funds to purchase real estate investment properties. After the debtor defaulted on the agreements, the parties entered into a settlement which required the debtor to … Continue reading

Posted in Bankruptcy, Civil Usury, Florida, Waiver | Comments Off on Stipulated Settlement Waives Usury Defense

BofA Class Action Update – Extended Overdraft Charge Not Interest

The District Court granted BofA’s motion to dismiss. The Court found that the extended overdraft fee charged by the bank was not “interest” under the National Bank Act. In its decision, the Court noted that while no binding authority had … Continue reading

Posted in Civil Usury, Federal Court, Florida, States | Comments Off on BofA Class Action Update – Extended Overdraft Charge Not Interest

Florida Court of Appeals Finds Usury Does Not Violate Public Policy, Denies Temporary Injunction

The Florida Office of the Attorney General was granted a temporary injunction against CashCall, Inc. The Attorney General’s action was based on alleged violations by CashCall of Florida’s Deceptive and Unfair Trade Practices Act. The complaint alleged that CashCall charged … Continue reading

Posted in Attorney General, Civil Usury, Florida, State Court, Tribal Immunity | Comments Off on Florida Court of Appeals Finds Usury Does Not Violate Public Policy, Denies Temporary Injunction

Class Action Alleges BofA Overdraft Fees are Usurious

McGee v. Bank of America, N.A. 0:15-cv-60480-JIC On March 9, 2015, a class action lawsuit was filed against Bank of America (“BofA”) alleging that the bank’s ‘extended overdraft fee’ constituted illegal and usurious interest.  The plaintiffs alleged that the rate … Continue reading

Posted in Federal Court, Florida, Interest Calculation, National Bank Act | Comments Off on Class Action Alleges BofA Overdraft Fees are Usurious