Signed by Governor John Kasich

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that repeals the limit on the interest that banks, savings and loan associations, and credit unions may charge on credit card balances.

Highlights:

• Authorizes banks, savings and loan associations, and credit unions to charge interest and fees on revolving credit agreements at rates that are equal to or lower than a bank, savings and loan association, or credit union located in another state (Sec. 1).

• Defines “revolving credit agreement” as an agreement under which a bank, savings and loan association, or credit union authorizes repeated transactions on a line of credit and the amount of credit in the agreement is made available to the extent that the outstanding balance is repaid (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that repeals the limit on the interest that banks, savings and loan associations, and credit unions may charge on credit card balances.

Highlights:

• Authorizes banks, savings and loan associations, and credit unions to charge interest and fees on revolving credit agreements at rates that are equal to or lower than a bank, savings and loan association, or credit union located in another state (Sec. 1).

• Defines “revolving credit agreement” as an agreement under which a bank, savings and loan association, or credit union authorizes repeated transactions on a line of credit and the amount of credit in the agreement is made available to the extent that the outstanding balance is repaid (Sec. 1).

Full Bill Text