Fair Interest Rates Bill (Law'd)

[MasterJedi]

I hereby open up a final vote on the bill below. Please vote Aye, Nay or Abstain.

[quote]Section 1: Interest Rate Caps

1. No percentage rate applicable to an extension of credit obtained by use of a credit card may exceed 20 percent on any unpaid balances.

2. Payday loans are banned. Anybody providing them is guilty of a crime punishable by up to a $500,000 fine.

3. This section shall not be interpreted as to prevent or overwrite stricter interest rate limits in any region.

4. The government of each region shall administer a 6-hour education course on the proper use and risks of credit. Upon completion of the course and passage of a final examination, the government shall offer a loan equal to one year's worth of credit card payments, which shall be paid back to the government at an interest rate of 10%. A passing grade on the final examination shall be deemed as performance exceeding 75%, not to be interpreted as to prevent or overwrite stricter grades in any region.[quote]

Aye

[afleitch]

Aye

[RI]

Aye.

[Franzl]

I'm happy that we've been able to come to an acceptable compromise for everyone....and I can vote AYE in good conscience.

[Associate Justice PiT]

     Abstain

[Marokai Backbeat]

Aye, absolutely.

[MasterJedi]

This bill has enough votes to pass. Senators now have 24 hours to change their votes.

[Purple State]

Aye

I'm happy we could work in a proper credit education program for Atlasia.

[HappyWarrior]

AYE

[Bacon King]

aye

[MasterJedi]

With 8 Ayes, 0 Nays and 1 Abstention this bill has passed. I hereby present it to the President for his signature.

[bgwah]

X President Bgwah