Topic
Usury
137 published works
Commercial Case Notes
Usury Law Not Applied to Loan with Over $2.5 Million Principal Amount
By John Lundin
On March 6, 2024, the Second Department issued a decision in Alleon Capital Partners v. Choudhry, 2024 NY Slip Op. 01165, holding that the usury law did not apply to…
Commercial Case Notes
Loan Commitment for Over $2.5 Million Not Subject to Criminal Usury Law
By John Lundin
On February 1, 2024, Justice Masley of the New York County Commercial Division issued a decision in TS Falcon I, LLC v. Golden Mtn. Fin. Corp., 2024 NY Slip Op.…
Consumer Financial Services Law Monitor
Bank and Loan Servicer Move to Dismiss Purported Class Action Asserting Violations of Georgia Usury Law and RICO
By Jeremy Rosenblum, Jason Cover, Taylor Gess, Josh McBeain, Caleb Rosenberg
Recently, Lead Bank and its loan servicer Hyphen, LLC, an online lending platform operating Helix Financial, filed a motion to dismiss a purported class action alleging violations of the Georgia…
Consumer Finance Monitor
Predatory Loan Prevention Bill Introduced in Florida to Codify “True Lender” Analysis
By John L. Culhane, Jr., Ronald K. Vaske, Mindy Harris
Florida SB 146, a bill that would add a “Predatory loan prevention” section to the Florida Consumer Finance Act has been introduced in the Florida Senate, seeking to curb bank-model…
Consumer Financial Services Law Monitor
Opportunity Financial Scores Big Win in CA DFPI’s “True Lender” Lawsuit
By Jason Cover, Mark Furletti, Taylor Gess, Joseph Reilly, Jeremy Rosenblum
A California state court recently denied a preliminary injunction sought by the California Department of Financial Protection and Innovation (the DFPI) in its long-running litigation against Opportunity Financial (OppFi) contending…
Inside Class Actions
Bank Partnership Defeats Motion for Preliminary Injunction in “True Lender” Suit
By Dominic Booth, Ashley Simonsen, Andrew Soukup
A bank partnership that has recently been the target of a series of “true lender” attacks has defeated a California regulator’s motion for a preliminary injunction. The regulator sought the…
Litigation Finance Journal
THE AMERICAN LEGAL FINANCE ASSOCIATION COMMENDS MINNESOTA SUPREME COURT DECISION ON CONSUMER LITIGATION FUNDING
By John Freund
The Minnesota Supreme Court took a significant step to ensuring equal access to justice with their decision in Maslowski vs. Prospect Funding Partners LLC. yesterday, overturning the trial court and Court…
Inside Class Actions
Michigan Supreme Court Refuses to Enforce “Usury Savings Clause”
By Andrew Soukup, Ashley Simonsen, Valerie Hletko
In a decision that will likely have ramifications for lenders and borrowers in the state, the Michigan Supreme Court recently issued a decision clarifying that lenders cannot rely on a…
Consumer Financial Services Law Monitor
Michigan Supreme Court Refuses to Enforce Usury Savings Clause in a Commercial Mortgage
By Mark Kundmueller, Elizabeth Briones
In Soaring Pine Capital Real Estate & Debt Fund II, LLC v. Park Street Group Realty Services, LLC, the Michigan Supreme Court considered whether a court may enforce a usury…
Consumer Finance and Fintech Blog
Michigan Supreme Court Limits Applicability of Usury Savings Clauses
By Moorari Shah, A.J. Dhaliwal, Sherwin Root
On June 23, in Soaring Pine v. Park St Grp, the Michigan Supreme Court held that under certain circumstances, a lender cannot avoid liability for charging illegally high interest rates…