LD 889 (subjects: FINANCIAL PRACTICES , LOANS )
Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=889&PID=1456&snum=127
- Rep. Janice Cooper of Yarmouth: (D – District 47) — e-mail | Facebook
Rep. Ralph Tucker of Brunswick: (D – District 50) — e-mail | Facebook
Rep. Gina Melaragno of Auburn: (D – District 62) — e-mail | Facebook
Sen. Roger Katz of Kennebec: (R – District 15) — e-mail | Facebook
|3/12/2015||House||Committee on Insurance and Financial Services suggested and ordered printed.
The Bill was REFERRED to the Committee on INSURANCE AND FINANCIAL SERVICES.
Sent for concurrence. ORDERED SENT FORTHWITH.
|3/12/2015||Senate||On motion by Senator Whittemore of Somerset, REFERRED to the Committee on Insurance and Financial Services, in concurrence.|
|6/30/2015||Senate||CARRIED OVER to any Special or Regular Session of the 127th Legislature pursuant to Joint Order HP 992. in concurrence|
|6/30/2015||House||Carried over to any special and/or regular session of the 127th Legislature pursuant to Joint Order HP 992.|
|6/30/2015||Senate||CARRIED OVER to any Special or Regular Session of the 127th Legislature pursuant to Joint Order HP 992. , in concurrence.|
|1/21/2016||Senate||Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)|
An Act To Protect Maine’s Small Businesses from High Interest Rates on Commercial and Business Loans
Sec. 1. 9-A MRSA 5-301, as enacted by PL 1973, c. 762, 1, is repealed and the following enacted in its place:
Sec. 2. 9-B MRSA 432, sub- 3 is enacted to read:
This bill caps the interest rate for commercial or business loans at 25% per year. The bill provides that violations are subject to criminal penalties of up to $5,000 or imprisonment for not more than one year or both. The bill also allows a court to void a loan issued in violation of the interest rate caps upon the petition of the person to whom the loan was issued.
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This information about LD 889 was last updated on 2016-05-12.
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