Go to Jeff Salisbury LWGate Home Page.From: Tom Gaffney <tgaffney@kent.edu>
Subject: Re: persfin-digest V5 #10
Date: Thu, 07 May 1998 11:19:16 -0400
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A- > >------------------------------ > >Date: Tue, 5 May 1998 13:27:23 -0700 (PDT) >From: Sandi Rollins <srollins@econ.Berkeley.EDU> >Subject: Setting an interest rate for a private loan > >My mom has a question: > >She and my step-dad make "hard money" loans as a way to >supplement their retirement income. Recently, a lawyer told them >that the written agreement they had with one of their >less-than-stable borrowers was illegal, since the agreed-upon >interest rate of 18% (for a private, unsecured personal note) >was usurious. > >However, he did NOT tell them what was considered a fair >and legal amount. > >Any ideas where to find out? This is in California. > >Thanks in advance, > >Sandi > > > Sandi, I might start with my state's attorney general's office. They probably have a web site in California. I've contacted our state's (Ohio) Attorney General (via the State's HomePage) for responses on several issues I have had. They responded quickly and courteously. If they cannot help you, they can probably point you in the right direction! Thomas J. Gaffney, CPA, CIA Senior Auditor University Auditing Kent State University E-Mail= tgaffney@kent.edu Phone= 330-672-2341 Fax= 330-672-5434 http://www.kent.edu/ksuAuditing/ - -
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