Fair Interest Rates Bill (Law'd)

[MasterJedi]

Fair Interest Rates Bill

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. No percentage rate applicable to the purchasing of "payday advance loans" may exceed 30 percent on any remaining charges.

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

[MasterJedi]

Bump, in case nobody saw this.

[MasterJedi]

I hereby open up a vote on this amendment. Please vote Aye, Nay or Abstain.

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[MasterJedi]

Nay

[MasterJedi]

It's 5-4 and now we're waiting on either Smid or a week.

[MasterJedi]

With 6 Ayes, 3 Nays and 0 Abstentions this amendment has passed.

[MasterJedi]

I hereby open up a vote on this amendment. Please vote Aye, Nay or Abstain.

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

Aye

[MasterJedi]

With 6 Ayes, 1 Nay and 0 Abstentions this amendment has passed.

[MasterJedi]

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OK...this is part of the current bill, and it is something that would prevent me from voting for final passage.

Let me offer a compromise:

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.

I'll support this compromise, without it I will unfortunatly have to vote against the final bill.

[MasterJedi]

I hereby open up a vote on this amendment. Pleaes vote Aye, Nay or Abstain.

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Aye

[MasterJedi]

With 6 Ayes, 0 Nays and 0 Abstentions this amendment has passed.

[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

[MasterJedi]

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

[MasterJedi]

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