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User Name Thread Name Subject Posted
Alaska Mike BS: Sub-prime lending (57* d) RE: BS: Sub-prime lending 04 Apr 07

In 1978, the US Supreme Court decided a case where two different states had differing usury laws. The case involved a consumer in California who obtained a credit card from a bank homebased in South Dakota.

The SC found that the usury laws of the state where the bank was located were the ones that took precidence. Many states quickly eliminated their usury laws in order to attract more credit card business to their states.

This effectively abolished usury laws in the US. Although our federal government has had many opportunities to correct this situation, neither Democrats nor Republicans have bothered to help the poor consumer who must deal with these modern day "loan sharks."

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