Credit card annual percentage rates limited to ten percent.

This bill limits the annual percentage rate on credit cards in Minnesota to a maximum of ten percent per year. It directly affects financial institutions offering open-end credit, such as credit card companies, and the consumers who use these cards. The law requires lenders to adjust finance charges to comply with this new cap and includes specific rules for calculating refunds if a borrower pays off a loan early. By amending existing state statutes, the measure establishes a clear ceiling on interest costs for credit card debt without altering regulations for other types of loans.