Hunter v. Greenwood Trust Co.

This appeal focuses on the question whether late-payment fees are included in the definition of “interest” in the Depository Institutions Deregulation and Monetary Control Act of 1980, 12 U.S.C.A § 1831d (“DIDA”). A related issue is whether the DIDA preempts state laws prohibiting late fees. As in the companion case, Sherman v. Citibank (South Dakota), NA., 143 N.J. 35, 668 A.2d 1036 (1995), also decided today, the Law Division dismissed the complaint. The Appellate Division affirmed, 272 N.J.Super. 526, 640 A.2d 855 (1994). The majority reverses. I dissent.

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The facts in this case are…