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Banking Law Keyed to Carnell, 7th Ed.
Madden v. Midland Funding, LLC
Citation:
786 F.3d 246 (2015)Facts
In 2005, Saliha Madden, a New York resident, opened a credit card account with Bank of America, a national bank. The following year, Bank of America’s credit card program was consolidated into FIA Card Services, another national bank. The account terms were amended with a document titled “Change In Terms,” which contained a Delaware choice-of-law clause. By 2008, Madden owed approximately $5,000 on her credit card, and FIA “charged-off” her account as uncollectable. FIA then sold Madden’s debt to Midland Funding, a debt purchaser. Midland Credit Management, an affiliate of Midland Funding, serviced the account. In November 2010, Midland Credit sent Madden a letter seeking to collect payment on her debt with an interest rate of 27% per year. This rate exceeded New York’s usury limit of 25% but was permissible under Delaware law. Madden filed suit against the defendants alleging violations of the FDCPA and New York’s usury law.
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