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Originally Posted by ThoughtAddict  Sticky issue. |
Definitely.
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The federal Truth in Lending Act makes it difficult to disguise fees, though I'm not sure if they're factored in to usury caps. My gut guess, based on the federalism of the US system, is that each state figures fees differently. I do know that there were overtures a few years back to crack down on interest rate exporting (i.e. having choice of law provisions which put a loan made in a usury cap state governed by the laws of a state with higher caps) but I'm not sure what came of it.
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Interesting, thanks for this info. It's nice to know that there were at least some overtures. Not sure if the law would do much good or not but at least it's nice to know that lawmakers are taking an interest in the topic.
Best wishes,
Apollia