Napier, 020981 MSAGO, 19810209
Case Date | February 09, 1981 |
Court | South Carolina |
We are enclosing herein a copy of a file that we have on subject corporation, a licensee under the Small Loan Regulatory and Small Loan Privilege Tax Act. We are furnishing copy of this file to you for you to determine if the three loans made by this licensee were charged interest properly. Our examiner made an investigation of the Gulfport, Mississippi, office on March 3, 1980, and found three loans that had interest charges over the amount allowable by the Mississippi Loan Statutes. These loans were secured by first mortgages. In a letter to Mr. Robert Hudson, President of Landmark, dated March 17, 1980, we set out the loans that were in violation of the statutes. A copy of this letter was forwarded to your office, together with a copy of a file relating to the Bill signed by President Carter which temporarily suspended state usury ceilings. In reply to the letter to Mr. Hudson, the law firm of Weinberg and Green of Baltimore, Maryland stated the following: 'The foregoing loans were made under the authority of the recently enacted federal law which preempts all state usury ceilings for loans secured by first liens, Public Law 96-161, 93 Stat. 1233...'For your use we are enclosing copy of the foregoing letter signed by Carla Stone Witzel. The main portions of the above mentioned letter from Ms. Witzel, Esq., are also set forth as follows:
You have recently corresponded with our client, Landmark Finance Corporation of Mississippi, regarding three loans which allegedly had interest charges over the amount allowable by the Mississippi loan statutes. These loans are: TABULAR OR GRAPHIC MATERIAL SET FORTH AT THIS POINT IS NOT DISPLAYABLE The foregoing loans were...
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