Professor Warns About Loss of Credit Card Jobs: A UC Berkeley law professor warned in a study that thousands of credit card jobs could leave the state if recent court rulings limiting late fees are allowed to stand. The study by Robert D. Cooter, funded by Visa U.S.A., noted that California has in recent years lost employment to South Dakota, Arizona and other states that have eased credit laws to lure issuers such as Citibank and Bank of America. Because of court rulings, late fees in California are now limited to a reasonable charge, usually $3 to $5. But a state Senate bill headed for its first committee hearing next week would allow the market to determine the late fees that credit card issuers may charge.
From Times Staff and Wire Reports