States Regain Power to Cap Consumer Credit Interest Rates.
This bill restores the authority of individual states to set maximum Annual Percentage Rates (APR) for most consumer credit transactions, such as credit cards and personal loans. If a consumer's state has a lower interest rate cap, lenders must adhere to that state limit, regardless of where the lender is based. This measure aims to protect consumers from excessively high-interest loans, though it excludes residential mortgages.
Key points
States are empowered to set the maximum interest rates (APR) for most consumer loans, including associated fees.
The interest rate charged cannot exceed the limit set by the law of the consumer's state of residence.
The goal is to protect citizens from predatory lending practices involving excessively high fees and interest by strengthening state consumer protection laws.
Status:
Expired
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