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Lenders › State and Local Government › Interest Rates

Orrick, Herrington & Sutcliffe LLP

Tennessee enacts new home loan rate

Orrick, Herrington & Sutcliffe LLP on

On April 28, the governor of Tennessee signed into law HB 908 to amend the maximum effective interest rate for home loans originated in the state. The new law sets the rate at four percentage points above the average prime...more

Sheppard Mullin Richter & Hampton LLP

New Florida Law Overhauls Consumer Finance Loan Interest Rate Requirements

Sheppard Mullin Richter & Hampton LLP on

Florida recently enacted H1347, revising the state’s criteria for what constitutes usurious consumer loans. The Florida Consumer Finance Act prohibits charging an interest rate of more than 18% per year on a loan of...more

Womble Bond Dickinson

Legal Issues, Problems, and Unanswered Questions Regarding a State’s Ability and Potential Departure from the Depository...

Womble Bond Dickinson on

In 1980, Congress passed Public Law 96-221, called the Depository Institutions Deregulation and Monetary Control Act (“DIDMCA”), which, in part, allowed federally insured state banks, state credit unions, and state savings...more

Bradley Arant Boult Cummings LLP

New Mexico Governor Signs Bill to Impose 36% Rate Cap and Tough Anti-Evasion Provisions

Bradley Arant Boult Cummings LLP on

Beginning next year, New Mexico will join a handful of other states (including, among others, California, Illinois, and Colorado) setting stringent interest rate caps on consumer loans. House Bill 132, which Gov. Michelle...more

McGlinchey Stafford

FDIC Issues Final Rule Codifying Valid When Made Doctrine

McGlinchey Stafford on

At long last, the FDIC has issued its final rule codifying the “valid when made” doctrine. The rule was finalized on June 25, 2020, and clarifies that the interest rate lawfully assessed by an originating depository...more

Holland & Knight LLP

Interest Rate Increase Coming for Many Tax-Exempt Borrowers

Holland & Knight LLP on

Many states, local governments and conduit borrowers (e.g., 501(c)(3) not-for-profit corporations) have directly placed tax-exempt loans (secured by the issuance of notes or bonds) with lenders, such as banks and their...more

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