Bill > LD201

This bill establishes a maximum interest rate of 24.9% per year for consumer revolving loans and credit cards in the state of Maine. Specifically, the legislation amends existing Maine Revised Statutes (9-A MRSA) to cap finance charges on credit card balances and consumer credit sales. The bill reduces the previous maximum interest rate from 30% to 24.9% for unpaid balances of $2,000 or less, and limits finance charges on both consumer credit sales and lender credit cards to no more than 24.9% per year. The new law does not apply to open-end credit plans secured by a consumer's primary or secondary residence. By implementing this interest rate cap, the bill aims to protect consumers from potentially predatory lending practices and provide more predictable borrowing costs for credit card and revolving loan users in Maine.

Health and Social Services

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=201&snum=132