No plain-language summary is available for this State bill yet. Review the completed legislative activity and official public record below.
Introduction and first reading, referred to Commerce Finance and Policy
The bill would cap many credit card finance charges at ten percent annual rate.
Overdraft credit retains prior rate until repaid on that plan.
Some extensions are exempt: provisions exclude certain overdraft credit from caps.
A rate lawful when made stays lawful despite federal discount rate changes.
Effective dates trigger when federal law changes; commissioner notifies revisor.
These proposals would set lower statutory maximums for many credit card finance charges and specify different caps or formulas for certain federally chartered banks and credit unions, while also protecting some existing overdraft and timing rules.
Banks, federally chartered institutions, credit unions, and their cardholders would be affected.
The bill has been referred for legislative consideration.
Praveta summarizes official congressional material and keeps the underlying source available for review.