An Act To Establish A Limit On The Interest Rate Charged For Revolving Loans

This bill caps the annual interest rate for revolving loans, such as credit cards, at 24.9% in Maine. It directly affects consumers who use credit cards for purchases by limiting how much lenders can charge in interest. The law amends existing state statutes to set this rate limit, applying to most credit card agreements but excluding loans secured by a primary residence, second home, or vacation property. The policy change creates a clear, enforceable maximum rate for consumer credit products.