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#1506856 - 02/08/11 08:54 PM ceiling rates and usury rates
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Starter
Joined: Aug 2004
Posts: 513
NJ
OCC regulated Bank, what is max interest rate (cap or ceiling) that can be given on a variable rate loan secured by a principal dwelling? Does it fall under the state law of 16% or can it be higher?

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#1507443 - 02/09/11 06:30 PM Re: ceiling rates and usury rates Starter
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NJ
anyone? anyone?

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#1507739 - 02/09/11 09:44 PM Re: ceiling rates and usury rates Starter
PatrickG Offline
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PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
12 CFR 7.4001(b)
(b) Authority. A national bank located in a state may charge interest at the maximum rate permitted to any state-chartered or licensed lending institution by the law of that state.

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#1516947 - 03/03/11 03:24 PM Re: ceiling rates and usury rates PatrickG
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Starter
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NJ
what is the maximum rate of interest a national bank may charge on a commercial loan?

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#1517384 - 03/03/11 09:10 PM Re: ceiling rates and usury rates Starter
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NJ
anyone? wondering if there is even a maximum and what reg this falls under? NY state law?

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#1517589 - 03/04/11 02:55 PM Re: ceiling rates and usury rates Starter
A_G Offline
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#1617861 - 10/19/11 09:48 PM Re: ceiling rates and usury rates Starter
Linda @ STC Offline
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Joined: Jan 2008
Posts: 10
New York
Would a NY State charted bank be in violation of the usury law (currently 16%)on an unsecured line of credit with a rate higher than 16%? Does usury apply to unsecured lines of credit? If so, would it apply to lines acquired through an acquisition that have an interest rate higher than 16%? Any info would be helpful.

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