Brown v. Austin Area Teachers Federal Credit Union

CLAYTON, Justice.

This is an appeal from an adverse summary judgment entered against appellant. Appellee is a federal credit union chartered under the Federal Credit Union Act, 12 U.S.C.A. § 1751 et seq. (1969), and regulated by the National Credit Union Administration. From 1974 through 1976, appellant executed several promissory notes evidencing money borrowed from appellee. The rate of interest on each such note was one percent per month on the unpaid balance, which is equivalent to a simple annual interest rate of twelve percent. Appellant’s cause of action is based upon violations of…