California Supreme Court Holds That High Interest Rates on Pay Day Loans Could Be Unconscionable

California Supreme Court Holds That High Interest Rates on Pay Day Loans Could Be Unconscionable

On August 13, 2018, the Ca Supreme Court in Eduardo De La Torre, et al. v. CashCall, Inc., held that rates of interest on consumer loans of $2,500 or even more could possibly be found unconscionable under part 22302 associated with the Ca Financial Code, despite maybe not being at the mercy of particular statutory interest caps. By its choice, the Court resolved a concern which was certified to it because of the Ninth Circuit Court of Appeals. See Kremen v. Cohen, 325 F.3d 1035, 1037 (9th Cir. 2003) (certification procedure is employed because of the Ninth Circuit whenever there are questions presenting “significant dilemmas, including people that have crucial policy that is public, and that haven’t yet been remedied by the state courts”). “California Supreme Court Holds That High Interest Rates on Pay Day Loans Could Be Unconscionable” の続きを読む