Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Law
Consumer Credit--The Department Store Revolving Charge Account--Usury Resurrected--State V. J.C. Penney Company, Michigan Law Review
Consumer Credit--The Department Store Revolving Charge Account--Usury Resurrected--State V. J.C. Penney Company, Michigan Law Review
Michigan Law Review
The Attorney General of Wisconsin recently brought an action against the J.C. Penney retailing chain for an injunction against any further charges of 1½% per month on the declining balances of its revolving charge accounts. The state alleged that anything in excess of I% per month was a violation of the $12 per $100 per annum usury ceiling established by its legislature as the maximum chargeable for a loan or forbearance of money. Penney admitted that its monthly charge frequently exceeded the allowable rate but argued that its charge was a "time-price differential," exempt from statutory control under the time-price …
Bank Charge Cards: New Cash Or New Credit, Roland E. Brandel, Carl A. Leonard
Bank Charge Cards: New Cash Or New Credit, Roland E. Brandel, Carl A. Leonard
Michigan Law Review
It is the premise of this Article that the bank charge card systems constitute a new, highly useful, and efficient payment and credit mechanism; that any decision-making body that promulgates a rule on the issue of the assertability of consumer defenses must carefully evaluate the true functions of bank charge cards, particularly their role as part of a sophisticated payment mechanism, and weigh the relative interests of the consuming public, merchants, and members of the banking industry to derive the best solution for society; that courts are ill-equipped to perform this function; and, that, given the national and international usage …