South Dakota Loan Guaranty Agreement
Description
How to fill out Loan Guaranty Agreement?
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FAQ
A guaranty agreement, in the realm of commercial insurance, refers to a legally binding contract where one party, known as the guarantor, promises to be responsible for the obligations or debts of another party, known as the debtor, if they fail to fulfill their financial commitments.
However, some states, such as South Dakota, do not have a usury law, allowing in-state businesses to charge as much interest as they want. Congress has the power to regulate interstate commerce, which includes regulating nationally chartered banks which do business in more than one state.
Delaware is home to the credit card businesses of Chase, Discover and Barclaycard U.S., ing to the Federal Deposit Insurance Corp. Bank of America and Citi also maintain certain card operations there. Together, those issuers represent about half of the U.S. credit card market.
In 1980, Citibank took advantage of that decision and moved its money-losing credit-card operations to South Dakota, after persuading that state's legislature and governor to repeal its anti-usury law.
Soon, Citi was losing money on every card transaction its customers made. The bank needed a solution. It found one in South Dakota, a state that in 1980 did not regulate bank interest rates of any kind.
Because South Dakota had just passed a law that eliminated caps on interest rates. And the Supreme Court had just ruled that banks could charge interest based on where their credit-card operations were headquartered, even if the bank's main operations were somewhere else.