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A comment on The Ugly Truth Behind “We Buy Ugly Houses”. Parent comment

Re:The Ugly Truth Behind “We Buy Ugly Houses” by toast0 on Friday May 12, 2023 @12:56AM (#35912077)
That doesn't seem unreasonable. Really, the usury laws should be linked to the federal discount rate anyway.

If 20% is usury when the law was written and prevailing rates were 10-15%, 19% shouldn't be allowed when prevailing rates are 0-5%

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Re:The Ugly Truth Behind “We Buy Ugly Houses” by Clubber on Friday May 12, 2023 @04:44AM (#35913576)
>That doesn't seem unreasonable.

Sort of:

The 1978 case Marquette National Bank v. First of Omaha Service Corp. unanimously held that nationally chartered banks may charge the highest rate allowed in the bank's home state. This is why so many banks are located in states like Delaware and South Dakota, which have very liberal or nonexistent usury laws. So even if you live in a state that has a very low usury limit, it typically has no bearing on the interest you pay on your credit card.

https://caselaw.findlaw.com/court/us-supreme-court/439/299.h...

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