OTHER NEWS - Aug. 8, 1992

States Can’t Ban Late Card Fees, Court Says: A U.S. appellate court has ruled that states cannot bar credit card companies from levying late fees, reversing an unprecedented lower court decision that had wide implications for industry and consumer protection laws. The new case arose from a 1989 challenge to Massachusetts’ late fee law by Greenwood Trust Co. of Delaware, a subsidiary of Sears, Roebuck & Co., which markets the Discover Card nationwide and charges a $10 late fee on accounts 20 days in arrears.