usury law

Usury Law

Any law restricting banks, credit cards, and financial services companies from charging an excessive amount in interest. In 1978, the U.S. Supreme Court held that a company may charge the legal interest rate in the state in which it is registered, regardless of where the borrower lives. As a result, many American credit card companies are registered in South Dakota, which has quite loose restrictions.

usury law

A state law that restricts the interest rate that can be charged on specified types of loans.

单词	usury law
释义	usury law Usury Law Any law restricting banks, credit cards, and financial services companies from charging an excessive amount in interest. In 1978, the U.S. Supreme Court held that a company may charge the legal interest rate in the state in which it is registered, regardless of where the borrower lives. As a result, many American credit card companies are registered in South Dakota, which has quite loose restrictions. usury law A state law that restricts the interest rate that can be charged on specified types of loans.
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