Usury Laws

Has anyone had any courtroom experiences, on either side, concerning breaking the usury laws?

Thanks in advance,
Terry

Comments(8)

  • JohnMerchant22nd October, 2004

    Interesting question, and technically correct answer is "Yes, the lawyers on both sides of all the reported legal decisions on usury have had actual courtroom experience on it".

    What are you really wanting to know?

  • concrete23rd October, 2004

    Quote: Interesting question, and technically correct answer is "Yes, the lawyers on both sides of all the reported legal decisions on usury have had actual courtroom experience on it".

    What are you really wanting to know?


    Hi, John, I guess my question was pretty vague smile. I'm in Alabama. There are limits on fees charged for loans stated in the Code. I've read the laws. They appear to say that yes, there is a limit to interest, but someone may accept the interest and it won't be userious. It appears that the Court has the authority to judge each case. I was looking for anyone with examples of a situation involving specific usury case(s).

    Also, I would like to know how to research case law history so I can find some examples myself. I know there is a Law Library close by, but haven't a clue how to look up cases based on the type of case.

    Any help would be appreciated.
    Terry

  • jcompton23rd October, 2004

    Terry,

    I'm an Alabama as well, and there have been several cases of usery that have drifted through our courts over the past few years...You might want to look more in the direction of car businesses, to be more specific buy-here, pay-here type lots...There have been several cases in the past with car dealers charging more than our safety rate of 28% and getting charged with usery.

    Jay C.
    Birmingham, AL

  • JohnMerchant23rd October, 2004

    Hey you guys, first it's USURY.

    Secondly, it's not at all hard to go over to your closest courthouse law library and have the librarian show you the AL annotated statutes.

    Once you're in the statutes, use the index to find usury, then look at the statutes and the case decisions are going to be found right under those statutes.

    You'll be the authority on AL usury in a little while, and you'll owe me a tall beer for all this expensive education...which, I gotta tell you, is more than I learned in some of my lawschool classes.

  • LeaseOptionKing23rd October, 2004

    JohnMerchant, I always enjoy reading your advice. smile
    [addsig]

  • JohnMerchant23rd October, 2004

    LOK, thanks for the kind words, and man have I got a nice Eifel Tower for you to buy ;+)

  • concrete25th October, 2004

    Many thanks Jay and John smile. I'm off to the Law Library!

    Terry

  • LeaseOptionKing25th October, 2004

    JM: The stand-up legal comic. :-D
    [addsig]

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