Court Opinion

ID: 9816666
Source: CourtListenerOpinion
Date Created: 2023-09-01 03:24:58.480112+00
Date Added: 2024-06-11T18:07:53.870524
License: Public Domain

HEANEY, Circuit Judge,
concurring and dissenting.
I concur in Sections III and IV of the court’s opinion. I disagree, however, with the conclusions reached in Section II. I believe the district court erred in granting summary judgment on the question of whether the payments that were made were premiums rather than interest payments. I think this question can only be decided after an evidentiary hearing by the district court and that we should remand to the district court to hold such a hearing. If the district court decides after an evidentiary hearing that the payments are interest payments in whole or in part, then it must determine whether the payments were usurious. In reaching this decision, I believe it is clear that the rate of interest should be computed over the life of the loan rather than over the life of the agreement.