Madden v. Harlandale Bank

KEITH, Justice.

Plaintiffs below appeal from a summary judgment which denied a recovery of the statutory penalties for the charging of unearned interest upon a loan made by the defendant bank. Our facts are undisputed and the parties disagree only on the law question. We affirm.

In October, 1975, Harlandale Bank made an installment loan to Ralph G. Colwell in the principal amount of $15,830.79 with an interest charge of $3,799.29 payable in forty-eight monthly installments of $408.96, the first of such installments being due on November 30, 1975, with the final payment due on October 30, 1979.…