Secure Point Technologies Inc (fka IMSCQ)

[int10a]

Equity Committee mentioned Massachusetts law but as you point out even if PP claims New York law it is still a violation. Seems pretty straightforward when Equity Committee said PP was at times charging 2.5% a month! It clearly is not legal to charge an effective 30% annual interest rate in NY or MA.

The motion by the Equity Committee said Massachusetts' law also says the loan can be voided by the court. That might just be one possible outcome, but it is the one the Equity Committee cited in their motion.