Legal Question in Consumer Law in Connecticut
Debt purchase and collection
Can a purchaser of credit card debt, legally collect the acumulated interest on an account that is in excess of state maximum interest rates, assuming the purchaser (and collector) is not a Federally chartered banking institution and therefore subject to state statutes?
Credit card interest is 32.55%, state maximum interest rate is 12%.
Asked on 6/28/07, 4:27 pm
1 Answer from Attorneys
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