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California law will probably apply to the transaction. However, since this is for a business and not personal or family use, the 10% usury rate is not applicable. The commercial rate is applicable which is higher. However, there are a lot of exemptions from the usury law depending upon the nature of the company making the loan and the transaction. You would have to review those exemptions to see if they were applicable to your situation. In a business context, usury defenses are hard to make.
To determine whether the loan was usurious, you would have to know the nature of the business, whether it was qualified in CA and also the relevant documents governing the loan would have to be reviewed. For example the documents may apply Ohio law. You would then have some pretty complex issues to evaluate to determine whether CA should apply rather than Ohio law nothwithstanding what was in the documents.
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