Fourth Circuit affirms dismissal of title lender’s challenge to Pennsylvania usury enforcement

On August 5, the U.S. Court of Appeals for the 4th Circuit affirmed the dismissal of a South Carolina-based title lender’s federal challenge to a Pennsylvania state administrative enforcement proceeding alleging violations of the state’s usury laws. The lender originated all loans in South Carolina but made approximately 5,270 title-secured loans to Pennsylvania residents at interest rates allegedly as high as 720 percent, exceeding the state’s general 6 percent usury cap.... By: Orrick, Herrington & Sutcliffe LLP