Ruth v. Cherokee Funding, LLC

Summary

The court held that financing agreements under which repayment depends on a successful personal-injury recovery and is limited to that recovery are not loans covered by either the Industrial Loan Act or the Payday Lending Act. Because the complaint did not allege that the repayment contingencies were sham provisions, the plaintiffs failed to state claims under either statute. The court affirmed the Court of Appeals; no separate opinions were provided.