Bill Type
Congress Name
Long Title
AN ACT PROVIDING PROTECTION TO CREDIT CARD HOLDERS 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
Date filed
September 20, 2004
Scope
Legislative History
| House Bill/Resolution NO. HB02946 |
| FULL TITLE : AN ACT PROVIDING PROTECTION TO CREDIT CARD HOLDERS 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 at 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 : 2004-09-20 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2004-10-25 |
Abstract
The bill sets the interest rate limit which may be imposed by credit card companies at 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.