Rollinger v. JC Penney Company

I

The important question involved in this appeal is whether a revolving charge account agreement between the parties results in usury prohibited by our statutes. 1 By summary judgment in a suit to recover the interest paid 2 the trial court so concluded and we agree. In so doing we join another midwestern jurisdiction, Wisconsin, which recently held "charges" above the cash price lor merchandise purchased under a revolving charge account agreement that exceed maximum legal interest permitted by statute are usurious. State of Wisconsin v. J. C. Penney Co., 48 Wis.2d 125, 179 N.W.2d 641.

The…