Bill > H496

This bill aims to protect consumers from excessively high interest rates on credit cards by establishing several key provisions. Firstly, it limits the amount credit card companies can collect in a collection action to the "usury rate," which refers to the maximum legal interest rate allowed by law, preventing them from charging more. Secondly, any changes to the terms of a credit card contract would require the consumer's signature to be valid. Furthermore, the bill states that any legal case in Massachusetts courts claiming a credit card company charged an interest rate above the usury rate will be dismissed, and Massachusetts law will govern all credit card company actions brought in the state. Finally, if a credit card company is found to have charged a usurious rate, the statute of limitations, which is the time limit for bringing a legal case, is reduced to just 30 days.