. . .
Banks in violation of National Banking Act.
Below is the statutory restriction on usurious interest. 12 U.S.C. § 85. (National Banking Act) (With emphasis added).
The maximum rate, by statute is 7% APR,
or
1% added to the current rate of interest charged on 90-day commercial paper (9DCP).
The Federal Reserve periodically, and at odd intervals, sets the interest rate on 9DCP.
See the certified table of the interest rates on 9DCP, from the Federal Reserve Bank in Minneapolis, Minnesota, uploaded to Google Docs:
<https://docs.google.com/fileview?id=0B6KARWQjetg_M2YxMTQ5NTItZTdmMy00Y2IzLWE3YzMtYTYwNjdhMjc3ODkz&hl=en>
The rate changes from time to time shown in the table.
For instance:
1. Table Entry Date: 05/01/08 to 10/06/08 (~ 5 months, 5 days)
Primary Rate 2.25%
Secondary Rate 2.75%
2. During the 5 month time period a national bank, subject to federal law, 12 U.S.C. § 85, could charge interest at:
Primary Rate 2.25% + 1% (calculated APR of 13%) OR
Secondary Rate 2.75% + 1% (calculated APR of 15%)
The Primary and Secondary Discount Rates are charged depending on the banks status as a Primary or Secondary risk.
Did your credit card company charge you more in interest than allowed by statute during that time period?
If the credit card company is a national bank, or a subsidiary of a national bank, 12 U.S.C. § 86, mandates that the violation of 12 U.S.C. § 85,
"when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon."
If you file a lawsuit within 24 months of the occurrence, the bank has to pay you double the amount of all of the interest you were charged.
Dispute the debt amount owed. If the bank violates any provision of the Fair Credit Reporting Act, (FCRA), (and they probably will fail to abide by the provisions of the FCRA), you can file suit under FCRA, with several counts of the Complaint alleging remedy for violation of the National Banking Act, 12 U.S.C. § 85. Just a threat of the lawsuit, (send them a sample copy of your impending lawsuit), will probably get you paid and your debt canceled.
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National Banking Act
TITLE 12, CHAPTER 2, SUBCHAPTER IV, § 85
12 U.S.C. § 85. Rate of interest on loans, discounts and purchases
Any association may take, receive, reserve, and charge on any loan or discount made, or upon any notes, bills of exchange, or other evidences of debt, interest at the rate allowed by the laws of the State, Territory, or District where the bank is located, or at a rate of 1 per centum in excess of the discount rate on ninety-day commercial paper in effect at the Federal reserve bank in the Federal reserve district where the bank is located, whichever may be the greater, and no more, except that where by the laws of any State a different rate is limited for banks organized under State laws, the rate so limited shall be allowed for associations organized or existing in any such State under title 62 of the Revised Statutes.
When no rate is fixed by the laws of the State, or Territory, or District, the bank may take, receive, reserve, or charge a rate not exceeding 7 per centum,
or
1 per centum in excess of the discount rate on ninety day commercial paper in effect at the Federal reserve bank in the Federal reserve district where the bank is located,
whichever may be the greater,
and such interest may be taken in advance, reckoning the days for which the note, bill, or other evidence of debt has to run.
The maximum amount of interest or discount to be charged at a branch of an association located outside of the States of the United States and the District of Columbia shall be at the rate allowed by the laws of the country, territory, dependency, province, dominion, insular possession, or other political subdivision where the branch is located. And the purchase, discount, or sale of a bona fide bill of exchange, payable at another place than the place of such purchase, discount, or sale, at not more than the current rate of exchange for sight drafts in addition to the interest, shall not be considered as taking or receiving a greater rate of interest.
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TITLE 12, CHAPTER 2, SUBCHAPTER IV, § 86
12 U.S.C. § 86. Usurious interest; penalty for taking; limitations
The taking, receiving, reserving, or charging a rate of interest greater than is allowed by section 85 of this title, when knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with it, or which has been agreed to be paid thereon. In case the greater rate of interest has been paid, the person by whom it has been paid, or his legal representatives, may recover back, in an action in the nature of an action of debt, twice the amount of the interest thus paid from the association taking or receiving the same: Provided, That such action is commenced within two years from the time the usurious transaction occurred. (emphasis added).
. . .
12 U.S.C. 86
"Any association may take, receive, reserve, and charge on any loan or discount made,or upon any notes, bills of exchanges,or other evidence of debt, INTEREST AT THE RATE ALLOWED BY THE STATE, TERRITORY OR DISTRICT WHERE THE BANK IS LOCATED."
"or"
many other situations which include
" when the rate is not fixed by THE LAWS OF THE STATE, or territory, or district, the bank may take, receive, reserve or charge at a rater not to exceed 7%."
Every United States State Legislature has set and passed legislation allowing banks to charge more than 7%.
You left that out Moe. Why is that? Could it be it does not match your false and fraudulent agenda?
States set the interest rates ACCORDING TO THE VERY STATUTE YOU CITE.
Please quit posting fraudulent and incomplete information.