Durias v. Boswell

Scholfield, J. —

Mr. and Mrs. Durias appeal from a summary judgment holding as a matter of law that a loan transaction was not usurious. We reverse.

*102Facts

The record before the trial court reflects the following facts. Desiring to borrow $20,000, Durias responded to an advertisement by United Home Loans (UHL). On December 9, 1981, Mr. and Mrs. Durias signed all of the documents necessary to complete the loan. The promissory note was for $25,000 at 17 percent interest. Of the loan proceeds, $4,000 was paid to UHL as a brokerage commission, and approximately $1,000 was used to pay miscellaneous…