The proposed Maximum Interest Rate Act would set a 12% yearly cap on all loan interest and related fees, establish a default rate of 6% when no rate is agreed, and impose prison, fines, and license suspensions on lenders who charge higher rates.
Automated summary by BatasWatch. It may miss nuance — read the bill text before citing it.
Printed from CivicSync PH: https://civicsync-ph-gamma.vercel.app/bills/HB00925. Status changes over time; check the link for the latest.
HB00925 · Sources: BatasWatch
Similar in what they’d do, filed by any lawmaker.