Consumer Credit Regulation: 4.1 Introduction
This chapter deals with the interpretation of state law restrictions on interest and other charges in credit transactions. In the wave of deregulation that started in the 1980s, some states reduced or even eliminated their restrictions on the cost of credit. However, in many states such statutes remain in force and are the key bulwark against predatory non-mortgage lending. Moreover, even states that repealed most of their caps on interest and other charges often proceeded piecemeal, leaving some restrictions on the books for some types of extensions of credit.