Section 15100(o) and Usury

Yesterday, I wrote about the continued significance of certification by the Commissioner of Corporations of national securities exchanges pursuant to Section 25100(o) of the Corporations Code. Today is Part 2 of that discussion.

As discussed in this earlier post (“The ‘Usury Permit’ – Fact or Fiction?”), the California Constitution imposes limitations on the amounts that may be charged for a loan or forbearance. Cal. Const. Art. XV. The Constitution permits the legislature to create a class of transactions or persons who are exempt from these usury provisions. Pursuant to this authority, the California legislature has enacted Section 25117 of the California Corporations Code.