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To: MarkL
So they should be allowed to charge higher interest rates.

By whom? You might be able to convince me that the state should be allowed to mandate that lenders follow some standard method of stating the effective annual interest rate on the loan application. But, as far as any limitations on the rate itself, that's for the lender and borrower to decide.

16 posted on 02/17/2005 6:18:52 AM PST by newgeezer (Just my opinion, of course. Your mileage may vary.)
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To: newgeezer
By whom? You might be able to convince me that the state should be allowed to mandate that lenders follow some standard method of stating the effective annual interest rate on the loan application. But, as far as any limitations on the rate itself, that's for the lender and borrower to decide.

No, I feel that the state is within its powers to regulate these sort of financial dealings... And that the state should mandate that the contracts clearly state the APR and other terms of the loans. One nice thing about MO's law is that the APR is perfectly clear on the loan paperwork. It's not buried in "the fine print."

Mark

22 posted on 02/17/2005 7:02:09 AM PST by MarkL (That which does not kill me, has made the last mistake it will ever make!)
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