Law360, New York (June 17, 2013, 12:37 PM EDT) -- When Californians first passed an initiative precluding the charging of "usurious" interest in 1918, they could hardly have imagined the ever-more sophisticated schemes, and endless exceptions, which allow lenders to charge interest exponentially higher than the stated maximum rate of 10 percent. Indeed, the days of the neighborhood loan shark have given way to unashamed lenders who freely advertise on the television or radio, obtaining interest on their loans that exceed 20, 30 or even 100 percent.
Recently, the California Court of Appeal for the Third Appellate District introduced yet another exception to a seemingly simple prohibition on charging usurious interest....
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