Establishes a cap of 24.9% on interest rates for consumer revolving loans in Maine.
The bill sets a maximum interest rate of 24.9% per year on consumer revolving loans, including credit cards, in Maine. This cap does not apply to open-end credit plans secured by a consumer's principal dwelling or by a second or vacation home. The bill amends existing statutes to reflect this new interest rate limit.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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