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Quick question: Where can I purchase an xbox modus Discover Card? Looking forward for any comment. Another question on my mind: From skimming the Illinois laws, it seems that the "general" usury rate is 9%. Does that mean that if I were to get a card from a local bank or credit union in Illinois (assuming they serviced their own cards), the rate couldn't be higher than 9% APR?.. |
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I'm stumped. I'm not so sure what is the answer to your question. I'll do some Googling and get back to you if I find an answer. You should email the people at Discover Card as they probably could give you help..
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Because banks are federal not state and do not have to abide by state usury laws is my understanding..
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I thought Usury laws covered "borrowed" monies not credited numbers?..
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Visit the following website for a better understanding:.
Http://www.lectlaw.com/files/ban02.htm. Http://www.usurylaw.com/.. |
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After combing 815 ILCS 205 a bit more, I found exemption for revolving credit lines, which is effectively limitless ("to receive or contract to receive and collect interest in any amount or at any rate agreed upon by the parties to the revolving credit arrangement"). I still can't find anything on installment loans, though..
I would think that non-federal banks and credit unions would have to abide by state laws, but I wouldn't know where to look in the laws to verify this... |
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The effect of the federal legislation is extended to state chartered institutions..
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Additional discussion on the topic:.
Discover card Companies Sidestep Usury Laws.. |
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Could you elaborate? I figured that I was wrong, since that seems way too low, but I want to know WHY it's not so...
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