Sliger v. RH MacY & Co., Inc.

The opinion of the Court was delivered

The sole issue before us is whether the general usury statute, N. J. S. A. 31:1-1, applies to the 1^2% per month service or finance charge on revolving charge accounts of defendant, R. H. Macy & Co., Inc., t/a Bamberger’s [Bamberger’s], a retail department store.

The plaintiffs, customers of Bamberger’s, seek to restrain it from charging interest on their revolving charge accounts in excess of the 7 per year then allowed by the statute and an accounting and judgment for all monies “usuriously taken” and payment of the monies into a fund with the Clerk of…