CREDIT CARD INTEREST RATE CAP



House Bill 6230

Sponsor: Rep. Raymond Basham

Committee: Commerce


Complete to 11-6-98



A SUMMARY OF HOUSE BILL 6230 AS INTRODUCED 11-5-98


House Bill 6230 would amend the Credit Reform Act to specify that a regulated lender may charge, collect, and receive any rate of interest or finance charge for a credit card arrangement not to exceed 18 percent per annum. Current law says that a depository lender may charge, collect, and receive any rate of interest or finance charge for a credit card arrangement, subject to certain conditions.


MCL 445.1854


























Analyst: J. Hunault


This analysis was prepared by nonpartisan House staff for use by House members in their deliberations, and does not constitute an official statement of legislative intent.