Court Says No to 29.99% Interest
May 8, 2010 by Marcy
Usurious interest rate charged by a national bank could not be collected in a Nassau County District Court collection case. The bank was permitted to collect the amount due on the account. But without proof of why the bank should collect interest at the rate of 29.99%, in excess of the NYS criminal usury rate of 25 %, the court denied interest on the balance due, awarding the principal amount of $9,408.41 and statutory interest, at 9%. Citibank (South Dakota) NA v Hansen, 19450/09. ...
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