Fri, 07/04/2008 11:20
Text from a case about pay day loans:
They are legally not governed by where you live but by where the bank is located! This changes everything...
"Under the legal doctrine of interest-rate exportation, established by Marquette Nat. Bank v. First of Omaha Corp. 439 U.S. 299 (1978), the loan is governed by the laws of the state where the bank is chartered. This is the same doctrine that allows credit card issuers based in South Dakota and Delaware Ã¢â‚¬â€ states that abolished their usury laws Ã¢â‚¬â€ to offer credit cards nationwide."
Any advice or comments?