States Can Limit Consumer Loan Interest Rates
This act allows individual states to set maximum interest rates for consumer credit, such as loans and credit cards. This means states can protect their residents from very high borrowing costs, potentially impacting debt expenses and credit availability.
Key points
States can now independently set upper limits on interest rates for most consumer credit transactions.
The goal is to protect consumers from excessive borrowing costs, potentially reducing their debt burden.
Status:
Expired
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