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Is 1.5 Percent Interest Legal
Iowa retailers defend 1.5 percent monthly charges as a service cost while Atty. Gen. Turner seeks a nine percent simple annual cap. The dispute hinges on time price doctrine and usury laws with firms like Sears Roebuck Co., Younkers, and Penney’s citing court precedents and cost factors. observers note higher prices for cash buyers if limits shrink credit.
MENTIONED IN THIS ARTICLE
Iowa
Richard Turner
Turner
Polk County
Sears, Roebuck and Co
Younkers
Standard Oil Co
Harold Wendorf
Killian’s
Iowa Supreme Court
Standard Oil
Sears
Wisconsin
Supreme Court
Iowa Retail Federation
Wendorf
Tomer
Penney’s
Gene C. Lynch
College of Business
University of Arkansas
Lynch
Arkansas
United States