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It could be without exception that every professional, businessman or employee has had at one time or another borrowed money and in these loan transactions, the charging of interest is definitely the principal consideration for the lender to part with his money. Loan transactions at present are generally not subject to interest rate ceilings leading to the question on whether the Usury Law is still relevant, valid and enforceable. The Usury Law is a very old law, being 105 years old, enacted in 1916 as Act No. 2655, in order “to protect those who, in financial desperation, would agree to pay exorbitant interest rates, and to punish unscrupulous creditors who take advantage of their plight”. It provided maximum interest of 12% per annum for secured loans, 14% for unsecured loans, and 6% in loans or judgments, or what is referred to as legal rate of interest, in the absence of contract as to such rate of interest. There came a time however, especially in the 1970’s, where ....
Posts were previously published in the ABA Business Law Section s Business Law Today April Month-In-Brief. Maryland Commissioner of Financial Regulation Asserts Action against Non-Maryland State Bank for Lending Without State License By: Latif Zaman On January 21, 2021, the Maryland Commissioner of Financial Regulation filed an administrative charge letter against an FDIC-insured, out-of-state, state chartered bank and its non-bank service providers in connection with the bank s consumer lending platform. Among other allegations, the Commissioner asserted that the bank was required to hold state lending licenses to originate loans to Maryland residents, despite the fact that Maryland law apparently prohibits the Commissioner from licensing banks. The defendants recently removed the case from the Maryland Office of Administrative Hearings to the U.S. District Court for the District of Maryland. ....
SunStar + May 03, 2021 THE Department of Trade and Industry (DTI) has clarified that the recently issued Department Administrative Order (DAO) 21-03 on payment options applies to all retail establishments on the purchase of consumer goods and services. Consumer products and services are defined as “goods, services and credits, debts or obligations which are primarily for personal, family, household or agricultural purposes, which shall include but are not limited to food, drugs, cosmetics and devices. The DAO mandates all persons and companies, whether registered or unregistered, engaged in the sale or offer for sale of consumer products and services, to provide consumers the option to pay in cash, in installment, or a combination of the two, whenever they make a purchase. ....
March 7, 2021 | 7:51 pm Font Size PEXELS.COM JANNOON028 THE House Committee on Banks and Financial Intermediaries will discuss a bill this week that proposes amendments to the Usury Law that will cap interest rates for credit cards and otherwise set a prescribed range of fixed rates for various forms of lending. The Committee Chairman, Quirino Province Representative Junie E. Cua, said the measure will set rates by law. Rates are currently only regulated by memorandum orders of the central bank and Supreme Court decisions. “The idea is to set a cap on interest especially on credit cards. It will also apply to all lending services,” he said in an interview with ....