Castronuevo v. General Acceptance Corp.

Eulogio and Francisca Castronuevo (the Castronuevos) appeal the judgment entered in favor of General Acceptance Corporation (GAC) in the Castronuevos’ action seeking monetary relief and a declaratory judgment that a loan made to them by GAC was usurious and therefore in violation of state law. The trial court entered judgment in favor of GAC on the ground that section 501 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (12 U.S.C. § 1735f-7a) preempts application of Washington’s usury statute, RCW 19.52, with respect to this loan. We affirm the judgment in favor of…