Re: Usurious Interest rate? (Digest #10)

From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Usurious Interest rate? (Digest #10)
Date: Sun, 10 May 1998 16:57:29 -0400

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>I question this input.  If 18% - 21% is not usurious for Visa et al, why
>would it be usurious for your parents.  I'll be interested in input from
>folks who actually KNOW the answer.

Look at where the card issuers are based.  Many are based in states
with no (or very high) interest rate ceilings.  The US Supreme Court
ruled in a MA case about 3 years ago that state usury laws cannot
be applied to an out-of-state lender, even when that lender does 
business in the state that has the usury laws.

Rich Carreiro
rlcarr@animato.pn.com
P5-100/RedHat Linux 4.1

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