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Quicken Com Company

BUSINESS
February 12, 2003 | By E. Scott Reckard,
Online lender Quicken Loans Inc. sued California in federal court Tuesday, challenging a state law that prevents lenders from charging interest until the day before a mortgage is officially recorded. The Livonia, Mich., company claimed federal law, which allows interest to be charged as soon as loan funds go into escrow, takes precedence over the state statute. It was the same argument that Wells Fargo & Co.

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