HOUSE DOCKET, NO. 834        FILED ON: 1/19/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 496

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Tom Sannicandro

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act to protect consumers from usurious rates on credit cards.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Tom Sannicandro

7th Middlesex

1/19/2011

Anne M. Gobi

5th Worcester

2/1/2011

Chris Walsh

6th Middlesex

2/4/2011

Denise Provost

27th Middlesex

2/4/2011


HOUSE DOCKET, NO. 834        FILED ON: 1/19/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 496

By Mr. Sannicandro of Ashland, a petition (accompanied by bill, House, No. 496) of Tom Sannicandro and others relative to restricting legal action against certain credit card consumers.  The Judiciary.

 

The Commonwealth of Massachusetts

 

_______________

In the Year Two Thousand Eleven

_______________

 

An Act to protect consumers from usurious rates on credit cards.

 

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

When there is a collection action against a consumer for collection on a credit card, the credit card company can collect up to the usuary rate and no more.

Any change of terms to the credit card contract must be counter signed by the consumer in order to be effective.

Any legal action involving a credit card contract, that claims to have charged an interest rate in excess of the usury rate, shall be barred from being heard in Massachusetts State Courts.

Under any action for a credit card company, brought in Massachusett, Massachusetts Law shall control.

If a credit card company has charged a usurious rate on a credit card, the statute of limitations is hereby changed to 30 days.