The Commonwealth of Massachusetts

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PRESENTED BY:

William Smitty Pignatelli

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
                Court assembled:

                The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:

An Act limiting interest rates for credit cards 

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PETITION OF:

The Commonwealth of Massachusetts

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In the Year Two Thousand and Nine

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An Act limiting interest rates for credit cards 

                                                                                              .

                Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

            SECTION 1. Section 5 of chapter 140D of the General Laws is hereby amended by adding the following subsection:-

(f) The maximum annual percentage rate to be approved by the commissioner shall not exceed 18 per cent.