Sec. 1. 9-A MRSA §2-501, sub-§4, ķE, as enacted by PL 1995, c. 137, §5, is amended to read:

E. A late or delinquency charge upon any outstanding, unpaid installment payments or portions of those payments under the plan that are not paid in full within 15 days after the scheduled or deferred due date unless the interest rate under the plan exceeds 12.5% per year on the unpaid balance;

SUMMARY

This bill prohibits credit card issuers from charging a late fee on an account if the interest rate exceeds 12.5%.