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Hastings Law Journal

Abstract

In a recent case the California Supreme Court had occasion to consider the effect of the California usury law in the control of a variable interest rate loan involving a non-exempt lender. The failure of the court to properly analyze the question of intent has led to the creation of a new exception to the traditional presumption of intent in usury cases. Dictum in McConnell has potentially increased the plaintiff-borrower's difficulty in proving his case and has created a possibility that the constitutional protection afforded by the usury law has been significantly reduced.

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