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In the United States, most states have usury laws which forbid interest rates in excess of a certain APR. Payday lenders formerly operated in those states by forming relationships with banks chartered in a different state with no usury ceiling (such as South Dakota or Delaware). Under the legal doctrine of rate exportation, established by Marquette Nat. Bank v. First of Omaha Corp. 439 U.S. 299 (1978), the loan is governed by the laws of the state the bank is chartered in. This is the same doctrine that allows credit card issuers based in South Dakota and Delaware — states that abolished their usury laws — to offer credit cards nationwide. Recent actions by federal banking regulators have forced commercial banks to discontinue payday lending, with the effect that nearly all lawful payday loans in the United States are made by state-licensed lenders.

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