The “Usury Permit” – Fact Or Fiction?

The California Constitution covers many things – everything from the right of privacy (Art. I, Sec. 1) to the rate of interest that may be imposed on a loan or forbearance (Art. XV). Occasionally, I’m asked about how to obtain a “usury permit” from the Department of Corporations.  In fact, the legislature has inserted several exemptions from the constitutional usury