Tag: Madden v. Midland Funding


Madden v. Midland Funding: Turns Fintech & Payday Loan Industry Upside Down?

Should non-bank debt purchasers who buy loan portfolios from Fintech, tribe payday lenders, and national banks make certain the usury rates of these portfolios do not exceed State maximum interest rates? Do these portfolios require lower valuations when the borrowers reside in the Second Circuit (Connecticut, New York and Vermont)? Will access to credit to residents of these States be impeded?  Should these original lenders maintain valid economic interests in these loan portfolios when assigned or sold?