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Judge McGuire's opinion last week in Western Sky in State v. Western Sky Financial, LLC , 2015 NCBC 84 has a little bit of everything in it: choice of law, the U.S. Constitution, claims for usury (excessive interest rates) and American Indians [subscribers...

The New York Attorney General’s office has reached a settlement agreement with Western Sky Financial, LLC, CashCall, Inc., WS Funding, LLC, and their owners, Martin Webb and J. Paul Reddam, for allegedly violating New York’s usury and licensed...

In New York State, charging interest of more than 16% per year is civil usury . Further, in New York, charging, taking, or receiving interest of 25% or more is criminal usury. Lenders and borrowers frequently ask me what fees or charges count toward a...

New York Gov. Andrew Cuomo (D) and his administration's top financial regulator issued letters to 35 online payday lenders warning them to stop issuing loans that violate state or local usury laws. The order came after a state Department of Financial...

Much has been written about how difficult it is now to obtain financing for small businesses. Banks charge high interest rates, and it is tough to qualify even for a bank loan. Angel or VC funding is even harder to come by. So, to secure funding, business...

by Lauren E. Quigley On December 16, 2013, the CFPB initiated its first action against an online loan servicer. CashCall, Inc. allegedly engaged in unfair, deceptive, and abusive practices. The CFPB investigation uncovered evidence that the company...