ITT Financial Corp. v. Johns

MEMORANDUM OPINION AND ORDER

I.INTRODUCTION

This matter is before the Court on a motion for summary judgment filed by defendant, Randall Johns. The motion raises one main issue, i.e., whether interest charged on a small loan to defendant was unconscionable or violative of the Virgin Islands Small Loans Law? For the foregoing reasons, this Court holds that the interest charged was neither unconscionable nor usurious. Accordingly, the motion will be denied.

II.FACTS

On September 12, 1986, defendant Johns entered into an agreement with plaintiff, Island Finance of the Virgin Islands to borrow…