NC Court of Appeals: Bumpers v. Community Bank of Northern Virginia- North Carolina UDTPA and Federal Pre-emption‏

After a very tortured procedural history, the summary of which runs until the tenth page and includes two removal to the federal district court for the EDNC and the involvement in class action cases decided by the 3rd Circuit Court of Appeals, the North Carolina Court of Appeals ruled that the federal Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDA) did not preempt North Carolina law regarding fees charged in connection with a loan, rejecting (as had the 3rd Circuit Court of Appeals) the argument that limitations on interest were preempted as the term "interest" could not "be construed so broadly as to encompass any fees connected with the loan." This is a great win for Jerry Hartzell and Mal Maynard. Bumpers v. Community Bank of Northern Virginia.PDF