HB 1396 - AS INTRODUCED
2000 SESSION
HOUSE BILL 1396
AN ACT relative to interest rates on credit cards.
SPONSORS: Rep. Quandt, Rock 20; Rep. Mirski, Graf 12; Rep. Lynott, Ches 11; Sen. Brown, Dist 17
This bill limits the interest rate that may be charged by New Hampshire creditors under an open-end credit plan to 6 percentage points above the prime interest rate, unless the consumer has failed to make a payment due under the plan during the preceding 12 months.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
00-2054
03/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand
AN ACT relative to interest rates on credit cards.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Trade and Commerce; Regulation of Consumer Credit Transactions; Interest on Open-End Credit Plans. Amend RSA 358-K by inserting after section 4-a the following new section:
358-K:4-b Interest on Open-End Credit Plans. The maximum rate of interest that may be charged under any open-end credit plan shall be 6 percentage points above the prime interest rate, unless the consumer has failed to make a payment due under the plan during the preceding 12 months. For purposes of this section, the bank commissioner shall determine the prime interest rate on a quarterly basis.
2 Effective Date. This act shall take effect January 1, 2001.