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California Supreme Court says loan interest rates can be deemed 'unconscionable'
On Wednesday the South Carolina Education Lottery announced it will not be delivering more than $30 million in prizes to players with winning tickets printed as a result of a computer glitch.
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California Supreme Court says loan interest rates can be deemed 'unconscionable'
Can interest rates on consumer loans in California be so high that they're illegal? On Monday, the California Supreme Court said yes.
The court did not set a hard limit, but did say judges can decide that some interest rates are "unconscionable," and therefore in violation of state law. The question came up in a case against Orange County lender CashCall.
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