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132nd MAINE LEGISLATURE
FIRST REGULAR SESSION-2025
Legislative Document No. 201
S.P. 88 In Senate, January 14, 2025
An Act to Establish a Limit on the Interest Rate Charged for
Revolving Loans
Reference to the Committee on Health Coverage, Insurance and Financial Services
suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator LIBBY of Cumberland.
Page 1 - 132LR0231(01)
1Be it enacted by the People of the State of Maine as follows:
2Sec. 1. 9-A MRSA §2-202, sub-§7, as amended by PL 2011, c. 427, Pt. A, §5, is
3 further amended to read:
47. Unless otherwise provided for in Article 8‑A, with respect to consumer credit sales
5 made pursuant to a credit card, other than a lender credit card, a creditor may not impose a
6 finance charge if it is in excess of that set forth in the agreement between the consumer and
7 the creditor 24.9% per year on the unpaid balance on the credit card.
8Sec. 2. 9-A MRSA §2-401, sub-§2, ¶A, as amended by PL 1997, c. 727, Pt. B,
9 §10, is further amended by amending subparagraph (i) to read:
10 (i) 30% 24.9% per year on that part of the unpaid balances of the amount financed
11 that is $2,000 or less;
12Sec. 3. 9-A MRSA §2-402, sub-§5, as amended by PL 2011, c. 427, Pt. A, §6, is
13 further amended to read:
145. Unless otherwise provided for in Article 8‑A, with respect to loans made pursuant
15 to a lender credit card, a creditor may not impose a finance charge if it that is in excess of
16 that set forth in the agreement between the consumer and the creditor 24.9% per year on
17 the unpaid balance on the credit card. This subsection does not apply to open-end credit
18 plans secured by a consumer's principal dwelling or by a 2nd or vacation home of the
19 consumer.
20SUMMARY
21 This bill limits the maximum interest rate that may be charged on consumer revolving
22 loans, including credit cards, to 24.9% per year.
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