Am. Pearl Grp. v. Nat’l Payment Sys
No. 23-10804
(5th Cir. Sep. 10, 2024)
SEP 10, 2024 | REPUBLISHED BY LIT: SEP 21, 2024
SEP 21, 2024
Above is the date LIT Last updated this article.
One of LIT’s hot topics, Texas Finance Code, debt collecting and usury….we’ll be trackin’ this certified question.
Section 306.004(a) of the Texas Finance Code provides:
“To determine whether a commercial loan is usurious, the interest rate is computed by amortizing or spreading, using the actuarial method during the stated term of the loan, all interest at any time contracted for, charged, or received in connection with the loan.”
If the loan in question provides for periodic principal payments during the loan term, does computing the maximum allowable interest rate “by amortizing or spreading, using the actuarial method” require the court to base its interest calculations on the declining principal balance for each payment period, rather than the total principal amount of the loan proceeds?
Felon with a JD Andrew “Thug” Lehman is Stalkin’ LIT again. Apparently, our free newsletter ain’t enough. pic.twitter.com/gz8euzysk6
— lawsinusa (@lawsinusa) September 21, 2024
American Pearl Group, LLC v. National Payment Systems, LLC
(3:22-cv-00693)
District Court, N.D. Texas, Chief Judge David Godbey
SEP 18, 2024 | REPUBLISHED BY LIT: SEP 18, 2024
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Benjamin argues that precedent relied on by the district court does not adequately support difference between first class and certified mail.
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