An Act Regarding Credit Card Interest Rates
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-A MRSA §2-202, sub-§7, as amended by PL 2011, c. 427, Pt. A, §5, is further amended to read:
7. Unless otherwise provided for in Article 8-A, with respect to consumer credit sales made pursuant to a credit card, other than a lender credit card, a creditor may not impose a finance charge if it is in excess of that set forth in the agreement between the consumer and the creditor 18% per year on the unpaid balance on the credit card.
Sec. 2. 9-A MRSA §2-402, sub-§5, as amended by PL 2011, c. 427, Pt. A, §6, is further amended to read:
5. Unless otherwise provided for in Article 8-A, with respect to loans made pursuant to a lender credit card, a creditor may not impose a finance charge if it is in excess of that set forth in the agreement between the consumer and the creditor 18% per year on the unpaid balance on the lender credit card. This subsection does not apply to open-end credit plans secured by a consumer's principal dwelling or by a 2nd or vacation home of the consumer.
summary
This bill caps credit card interest rates at 18%.