Ashley
springfield,#2Consumer Comment
Thu, April 21, 2011
I am no lawyer, but a quick google search on usury shows that the supreme court ruled that banks do not follow the usury laws of the state the loan is issued in, but have to follow the usury laws of the state they are headquartered in. In this case sunbelt bank is based out of south carolina, and an interest rate that high is legal in south carolina,
Jim
Anaheim,#3Consumer Comment
Thu, April 21, 2011
The only thing I do know is that certain kinds of loans (like credit card loans) are exempt from all usury laws. Since this company makes credit card loans, their argument would be that it is exempt from the usury laws of Florida. I think their case wobbles a bit. I'd push it; don't let Florida AG take their time on it... Best of luck to you.