Legal Opinion
Restaurant Development, Inc. v. Cananwill, Inc.
Washington Supreme Court
Decided December 11, 2003No. 73298-1PublishedCited by 168 opinions
1Opinion of the CourtOwens, J.
Cananwill, Inc., financed an insurance premium for Restaurant Development, Inc. (RDI) and charged an add-on interest rate calculated at the outset of the loan, which amounted to a 13 percent effective annual percentage rate (APR). RDI argues that the Insurance Premium Finance Company Act (IPFCA), chapter 48.56 RCW, allows insurance premium finance companies to charge no more than 10 percent actuarial (simple) interest calculated monthly on the declining principal of the loan. This amounts to a 10 percent effective APR. Based on its interpretation of IPFCA, RDI contends that Cananwill’s 13…
2Cases cited15 opinions
- Department of Ecology v. Campbell & Gwinn, L.L.C.Washington Supreme Court · 2002
- State, Dept. of Ecology v. Campbell & GwinnWashington Supreme Court · 2002
- State v. J.P.Washington Supreme Court · 2003
- Davis v. Department of LicensingWashington Supreme Court · 1999
- Lacey Nursing Center, Inc. v. Department of RevenueWashington Supreme Court · 1995
10 more not listed; retrieve them via the Exa API.
3Cited by168 opinions
- Lake v. Woodcreek Homeowners Ass'nWashington Supreme Court · 2010
- Restaurant Development, Inc. v. Cananwill, Inc.Washington Supreme Court · 2003
- Anfinson v. FedEx Ground Package System, Inc.Washington Supreme Court · 2012
- Five Corners Family Farmers v. StateWashington Supreme Court · 2011
- State v. CostichWashington Supreme Court · 2004
163 more not listed; retrieve them via the Exa API.