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.

AND SOME THOUGHT ME CRAZY FOR TAKING THAT LOAN OUT ON MY VOLVO AT HIGH INTEREST... HA HA!!! ( Ifigured it's all the cost of education and will fund family and bar prep which once I pass the BAR will be well worth having taken the risk!)

This precedent is VERY INTERESTING
Commonwealth State Lottery Dept v. Settlement Funding L.L.C.- 2006 Va. Cir LEXIS 46 (Fairfax County Feb 10. 2006)

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)

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