JOURNAL ARTICLE

Minnesota, Nevada, and Rhode Island Propose DIDMCA Opt-Outs.

  • Published In: Business Law Today, 2024. P. 17 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Aspery, Rachael; Savoie, Robert 3 of 3

Abstract

Minnesota, Nevada, and Rhode Island have proposed legislation to opt out of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). This act allows state-chartered banks and credit unions to export their home state's interest rate into other states. The proposed legislation in Rhode Island seeks to require state-chartered banks to comply with Rhode Island's usury limitations, while Minnesota's legislation aims to require out-of-state banks and credit unions to comply with Minnesota's usury limitations for consumer loans to Minnesota residents. The effectiveness of a DIDMCA opt-out is uncertain due to federal law controlling where a loan is "made." Financial services companies should stay informed about these developments. [Extracted from the article]

Additional Information

  • Source:Business Law Today. 2024/03, p17
  • Document Type:Article
  • Subject Area:Politics and Government
  • Publication Date:2024
  • ISSN:1059-9436
  • Accession Number:176852020
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