TXHD WOW Shelly and all this time did you think I never knew. You are not dealing with an idiot here and I knew for a long time who you were. Nice Try. lol and by the way this will never be Californian jurisdiction. GN Shelly
I feel for you man, but California has some tough usury laws....I know you'll get your principle back but I'm not sure with the all the extras.
California law imposes strict penalties for violating usury (charging excess interest) laws which makes it important for anyone making a loan to understand these laws.
Penalties
The lender on a usurious loan is subject to the following civil penalties: (1) forfeiture to the borrower of all interest on the loan, not just the usurious part; and (2) payment to the borrower of triple the amount of interest collected in the year before the borrower brings suit.
Additionally, a lender who willfully receives interest in violation of the usury laws is guilty of loan sharking, a felony punishable by imprisonment for up to five years.
With such serious ramifications, it is important to understand when a loan is usurious.
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