2007-01-08 - 10:42 a.m.
Not really that far South-but I still can't resist calling this "FINANCIAL INDUSTRY BEATEN BY THE BIBLE BELT" I am just thrilled by the latest nugget of knowledge from today's VA LAW study.
Discovered in reviewing the 2007 ADVANCE CODE SERVICE CODE OF VA Pamphlet Number 1 September 2006
"Loan company was subject to a borrower's defense of usury because the effective annual rate on the money borrowed was 22.531 percent, and under Virginia law, a loan with an interest rate in excess of 12 percent was usurious"
Loan company, which charged usurious interest on a loan could only collect from the borrower the principal sum.
This precedent is VERY INTERESTING
HEck- maybe I could not limit practice to immigration. This could make bankrupcy, or other proceedings challenging USURY actually fun (and I believe in line with Biblical teaching unless I am mistake)