The Florida Supreme Court ruled last week that commercial check-cashing stores sued by their customers broke state usury laws from 1994 to 2001 by giving loans in exchange for postdated checks. The law prohibits lenders from charging more than 18 percent interest per annum, but payday lenders often charged fees of 400 percent or more, according to industry experts. Several payday loan companies may take a financial hit, but the industry should go generally unscathed.
May 05, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Several payday loan companies may take a financial hit because of a court ruling that rejected their old ways of doing business, but the industry should go generally unscathed.
The Florida Supreme Court ruled last week that commercial check-cashing stores sued by their customers broke state usury laws from 1994 to 2001 by giving loans in exchange for postdated checks.
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