Opinion ID: 1854895
Heading Depth: 1
Heading Rank: 4

Heading: The Majority Holding

Text: The majority holds: 1. Real estate mortgages fall within the Mini-code on loans of over $2,000 and less than $100,000. 2. The interest on those mortgages can be 8% add on which can amount to 16% simple interest on a declining balance in equal payments, but may be an astronomical rate if the lender decides to demand interest repaid in unequal installments, which is permitted by the Mini-code. 3. The mortgage bankers, banks, savings and loan associations, insurance companies, etc., who are exempt from the Mini-code except those provisions permitting the interest charge, have a free rein without fear of any penalties for overcharge of interest or abuse of the law. 4. As those institutions are not subject to any control by the Superintendent of Banks, nor is there any penalty provisions in the Mini-code relating to them, the consumer borrower is at their mercy and the devil take the hindmost. I would reverse the trial court.