by 
Anonymous
ANSWERS: 1
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I suspect that it was first recognized in 1863 under the National Banking Act, although 1980 legislation can be cited as well. In 1978, the Supreme Court held unanimously in the Marquette National Bank of Minneapolis vs. First of Omaha Service Corporation case that the National Banking Act of 1863 allowed nationally-chartered banks to charge the legal rate of interest in their State regardless of the borrower's state of residence. Due to inflation, Congress passed the Depository Institutions Deregulation and Monetary Control Act (DIDMCA) in 1980. This officially exempted Federally-chartered savings banks, installment plan sellers, and chartered loan companies from all State usury limits . This effectively set aside all other State and local usury laws.
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