House Bill Would Let States Cap Credit Card Rate

Law360, New York (March 7, 2014, 6:30 PM EST) -- A bill introduced in the U.S. House of Representatives on Thursday would amend the Truth in Lending Act to allow states to set the maximum annual percentage rates credit card companies can charge customers.

H.R.4183, dubbed the Empowering States’ Rights to Protect Consumers Act, would restore the power of states to set limits on the interest rates that credit card and other consumer loan companies can charge. Rep. John F. Tierney, D-Mass., introduced the bill stressing the importance for states to regain the ability to regulate...
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