Posted On: 05/02/2016 11:11:08 AM
Post# of 15187
Great question. I say no. Based on precedence it looks as if there could be summary judgment for HJOE based upon discovery. Here's the kicker. The loan is considered void in NY with usury rates over the set %. I believe this loan was over 100%, which is absurd.
Why would KBM want those rates and $1,500 daily (or weekly/monthly) as late charges to go in front of a judge? It makes no sense? I'm sure they'll have their arguments and the old, "but they signed," complaint, but based upon what we are seeing with past cases it won't matter. The loan may wind up being void. If HJOE has already proven to pay them back, sans that interest rate, KBM has even deeper trouble.
Why would KBM want those rates and $1,500 daily (or weekly/monthly) as late charges to go in front of a judge? It makes no sense? I'm sure they'll have their arguments and the old, "but they signed," complaint, but based upon what we are seeing with past cases it won't matter. The loan may wind up being void. If HJOE has already proven to pay them back, sans that interest rate, KBM has even deeper trouble.
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