Topic
Usury
137 published works
Consumer Finance Monitor
California DFPI is wrong on both law and facts, per OppFi
By Mindy Harris, Ronald K. Vaske
In its April 2023 Opposition to the California Department of Financial Protection and Innovation (DFPI) motion for preliminary injunction, Opportunity Financial, LLC (OppFi) presents a spirited riposte, drilling down into…
Consumer Finance Monitor
Colorado opt-out signed into law, effects to be seen
By Ronald K. Vaske, Alan S. Kaplinsky, Matthew A. Morr, Mindy Harris
As anticipated, on June 5, 2023, Colorado Governor Jared Polis signed into law Colorado HB23-1229, which will exclude consumer loans made in Colorado from the provisions of Section 521 of…
Regulatory Oversight
DC OAG Resolves Alleged Usury and Deceptive Acts Violations With Community Lending Platform
By Troutman Pepper Locke State Attorneys General Team
On May 10, SoLo Funds, Inc. (Solo), one of the largest community lending platforms in the United States, entered into a settlement with the District of Columbia attorney general (OAG).…
California Corporate & Securities Law Blog
Ninth Circuit Declines To Aggregate Loans For Usury Exemption
California limits the amount of interest that may be charged on loans and forbearances. While that is the general rule, there are numerous statutory exemptions. One of those exemptions can…
New York Attorney Malpractice Blog
Not Usurious, Not Malpractice
“But for” proximate cause is central to legal malpractice claims. In Bono v Stim & Warmuth, P.C. 2023 NY Slip Op 02099 Decided on April 26, 2023 Appellate Division, Second…
California Corporate & Securities Law Blog
California Court Of Appeal Says Forum Selection Clause Should Not Be Enforced In Usury Case
Does California's usury limitations constitute a "strong public policy"? Seemingly, that question was decided over a half-century ago by the First District Court of Appeal in Ury v. Jewelers Acceptance…
Consumer Finance and Fintech Blog
FinTech Prevails in Texas “True Lender” Challenge
By Moorari Shah, A.J. Dhaliwal
On January 11, 2023, a Texas federal court dismissed a class action lawsuit against a leading financial technology company alleging it violated Texas usury laws by charging interest on loans…
Consumer Finance Monitor
Texas federal court enforces arbitration agreement and dismisses class action lawsuit filed against fintech company for evading Texas usury limit; company continues to face “true lender” challenge from California DFPI
By Ronald K. Vaske, Ballard CFS Group
A Texas federal court has dismissed a class action lawsuit against Opportunity Financial, LLC (“OppFi”) alleging OppFi violated Texas usury law by charging interest on loans it made through a…
Consumer Finance and Fintech Blog
Iowa AG Usury Investigation into Bank Partnership Ends in Settlement
By Moorari Shah, A.J. Dhaliwal, Matt Benz
In December, a Utah-based bank and its service provider entered into an assurance of discontinuance with the Iowa Attorney General and the Iowa Division of Banking, settling an investigation into…
Consumer Financial Services Review
Iowa Targets Out-of-State Bank Partner for Usury, Shedding Light on State’s Interpretation of DIDMCA Opt-Out
By Jeffrey P. Taft, Steven M. Kaplan, Eric T. Mitzenmacher, Francis L. Doorley, Daniel Pearson
State-chartered banks lending to Iowa residents will want to take note of an Assurance of Discontinuance entered into in December between the State of Iowa and an out-of-state bank to…