Half the states in the country have considered proposals to make changes to their credit interest rate laws this session, and two have already enacted those changes. Many of these bills would raise interest rates on loans, but others would lower the rate cap, set a flat monthly interest rate instead of using a tiered system or set a cap for loans made to active-duty service members.
(Point to TN) Tennessee raised the interest rate cap for loans made by an industrial loan and thrift company from 30 to 36 percent on loans over $100.
(Point to OR) Oregon HB 4116 would opt the state out of the provisions of the Depository Institutions Deregulation and Monetary Control Act of 1980 that allows financial institutions chartered in other states to be exempt from interest rate caps for state-chartered financial institutions. Similar bills are pending in Rhode Island.
