Bill Type
Long Title
AN ACT PROVIDING PROTECTION TO CREDIT CARD HOLDER BY SETTING A CEILING ON INTEREST RATES AND SURCHARGES AND PROHIBITING HIDDEN PENALTIES OR COSTS IMPOSED BY BANKS AND SIMILAR FINANCIAL INSTITUTIONS ON PURCHASES AND CASH ADVANCES MADE THROUGH SUCH CREDIT FACILITY
Congress Author
Date filed
August 7, 2007
Scope

Legislative History

House Bill/Resolution NO. HB01811
FULL TITLE : AN ACT PROVIDING PROTECTION TO CREDIT CARD HOLDER BY SETTING A CEILING ON INTEREST RATES AND SURCHARGES AND PROHIBITING HIDDEN PENALTIES OR COSTS IMPOSED BY BANKS AND SIMILAR FINANCIAL INSTITUTIONS ON PURCHASES AND CASH ADVANCES MADE THROUGH SUCH CREDIT FACILITY
ABSTRACT : The bill sets the interest rate limit which may be imposed by credit card companies to not more than 1% per month or 12% per annum, without compounding. It likewise limits the surcharges or penalties to a ceiling of 1% per month, without compounding.
PRINCIPAL AUTHOR/S : VILLAROSA, AMELITA C.
DATE FILED : 2007-08-07
SIGNIFICANCE: NATIONAL
ACTIONS TAKEN BY THE COMMITTEE ON RULES
REFERRAL TO THE COMMITTEE ON TRADE AND INDUSTRY ON 2007-08-21

Abstract

The bill sets the interest rate limit which may be imposed by credit card companies to not more than 1% per month or 12% per annum, without compounding. It likewise limits the surcharges or penalties to a ceiling of 1% per month, without compounding.

Disclaimer

Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.