Frozen Sooner
5/7/2008, 09:20 PM
I remember a few weeks ago there was a discussion about credit card issuers, state usury laws, etc and the governing law from state-to-state.
Anyhow, www.creditslips.org referenced preemption in the context that banks are attempting to extend this doctrine to mortgage foreclosures. Preemption does exist in the realm of credit card rates and fees. here (http://www.consumersunion.org/finance/9171rptdc798.htm) is an article discussing the relevant law, case law, and doctrine as to how a credit card bank housed in Delaware can use Delaware state law to set rates and fees for a cardholder in Oklahoma-and why in some states even a local bank can do the same.
Anyhow, www.creditslips.org referenced preemption in the context that banks are attempting to extend this doctrine to mortgage foreclosures. Preemption does exist in the realm of credit card rates and fees. here (http://www.consumersunion.org/finance/9171rptdc798.htm) is an article discussing the relevant law, case law, and doctrine as to how a credit card bank housed in Delaware can use Delaware state law to set rates and fees for a cardholder in Oklahoma-and why in some states even a local bank can do the same.