Usury Laws facts
While investigating facts about Usury Laws By State and Usury Laws California, I found out little known, but curios details like:
In the 1970s, the Supreme Court ruled that credit card companies could "export" interest rates. Citibank moved its card operations to South Dakota, which got rid of its usury laws, creating unlimited rates for all Americans.
how did the medici get around the usury laws?
Although states in the United States have usury laws that limit the amount of interest that can be charged on a credit card, they don"t apply to national banks.
What are state usury laws?
In my opinion, it is useful to put together a list of the most interesting details from trusted sources that I've come across answering what happened to usury laws. Here are 8 of the best facts about Usury Laws By State 2019 and Usury Laws Texas I managed to collect.
what usury laws is?
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Credit card companies bypass usury laws by having their headquarters located in states with very easy usury laws such as Delaware, Virginia, and South Dakota.
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After Marquette National Bank v. First of Omaha Corp. 1978--one of the most important rulings if the entire 20th century-- Bill Janklow, the governor of South Dakota, let Citibank write South Dakota's credit card regulations and usury laws if Citibank agreed to relocate to SD.
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Maine, Nevada, New Hampshire, New Mexico, South Carolina, and Utah have no usury laws limiting extremely high interest rates
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In 1981, to take advantage of recently relaxed state usury laws, Citibank relocated its primary credit card center from New York City to Sioux Falls, which started a trend.
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The Medici family and their Bank violated catholic usury laws, but as the punishment was a fine they simply paid the fine and kept charging usury.
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Lending through a Credit Access Business can be a method used to avoid usury laws (caps on lending percentages)
