INTEREST ACT-LATE PAYMENTS

Amends the Interest Act. Provides that no increase in the annual percentage rate of interest on a revolving credit arrangement for a credit card account, other than an increase due to the expiration of an introductory percentage rate of interest, may be made because of a late payment by the debtor, provided that the payment has been postmarked or entered electronically on or before the date that the payment was due. Provides that the exception for the increase in the annual percentage rate of interest on a revolving credit arrangement for a credit card account does not apply to late payments due to a check not being honored by the debtor's bank for insufficient funds.