Nixon Gets Landmark State Court Victory.Supreme Court states Legislature attempted to bypass state usury laws and regulations

Nixon Gets Landmark State Court Victory.Supreme Court states Legislature attempted to bypass state usury laws and regulations

Fayetteville attorney David Nixon together with Arkansas Supreme Court tossed a small grenade at the payday financing industry March 22, making several hundred organizations confused and worried.

A minumum of one business has reacted by providing away loans free of charge while pursuing an answer that federal bank regulators have highly frustrated. Other people are continuing company as always while awaiting a final ruling.

The Supreme Court ruled without dissent that the typical Assembly unlawfully attempted to circumvent the state’s ban that is constitutional usury when it passed a 1999 legislation saying the charges check-cashing organizations charge for tiny, short-term loans can not be considered interest. Continue reading “Nixon Gets Landmark State Court Victory.Supreme Court states Legislature attempted to bypass state usury laws and regulations”