AUGUSTA — Senator David Miramant, D-Camden, introduced Wednesday a bill that would help consumers by limiting credit card fees.
LD 1119, “An Act To Limit Credit Card Fees by Requiring Monthly Credit Card Billing" was the subject of a public hearing before the Legislature’s Committee on Health Coverage, Insurance and Financial Services.
LD 1119 seeks to limit excessive billing notices by requiring credit card companies to bill consumers only once per month if they have a balance due on that card.
Any credit card company that bill users more than 12 times in a calendar year would forfeit the balance on that holder’s credit card, according to a news release.
“Over the past year, we have heard of many financial hardships caused by the loss of jobs and businesses, and both federal and state governments have stepped up to ameliorate that suffering,” said Sen. Miramant. “At the same time, we have seen cases of those who take advantage of that suffering for their own gain. This bill seeks to assure that folks who are already down are not kicked again.”
LD 1119 now faces further action in committee.
The legislation is cosponsored by Senator Benjamin Chipman of Cumberland, Representative Victoria Doudera of Camden, Representative Jeffrey Evangelos of Friendship and Representative Ann Matlack of St. George.