Bangor, ME asked in Banking for Maine

Q: What are the rules on limits to finance charges for credit card?

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1 Lawyer Answer
Fred Bopp III
Fred Bopp III
Answered
  • Business Law Lawyer
  • Yarmouth, ME
  • Licensed in Maine

A: Please see the discussion of the Credit Card Accountability Responsibility and Disclosure Act of 2009 ("CARD Act") on page 15 of the document found at this link: https://www.maine.gov/pfr/consumercredit/documents/2015CreditCardpubl.pdf

Also, Maine law does not limit the interest that can be charged on a credit card. Out of state financial institutions are subjected to the interest rate ceilings of their home state.

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