California Supreme Court Holds That Tall Interest Levels on Pay Day Loans May Be Unconscionable

California Supreme Court Holds That Tall Interest Levels on Pay Day Loans May Be Unconscionable

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On August 13, 2018, the Ca Supreme Court in Eduardo De Los Angeles Torre, et al. v. CashCall, Inc., held that rates of interest on customer loans of $2,500 or even more could possibly be discovered unconscionable under part 22302 for the Ca Financial Code, despite maybe www loannow loans com approved not being at the mercy of particular statutory rate of interest caps. By its choice, the Court resolved a question which was certified to it by the Ninth Circuit Court of Appeals. See Kremen v. Cohen, 325 F.3d 1035, 1037 (9th Cir. 2003) (certification procedure is used because of the Ninth Circuit whenever there are concerns presenting “significant problems, including individuals with essential policy that is public, and therefore have never yet been remedied because of their state courts”). Read more