0001|                           SENATE BILL 1180
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                          MICHAEL S. SANCHEZ
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO COMMERCIAL TRANSACTIONS; AMENDING THE CREDIT CARD
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0012|     ACT TO PROVIDE FOR A MAXIMUM RATE OF CHANGE IN THE RATE OF
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0013|     INTEREST CHARGED FOR THE USE OF A CREDIT CARD.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  Section 56-4-1 NMSA 1978 (being Laws 1971,
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0017|     Chapter 154, Section 1) is amended to read:
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0018|          "56-4-1.  SHORT TITLE. <s>[This act]</s> <u>Chapter 56, Article 4
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<u></u>0019| <u>    NMSA 1978</u> may be cited as the "Credit Card Act"."
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0020|          Section 2.  A new section of the Credit Card Act is
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0021|     enacted to read:
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0022|          "[<u>NEW MATERIAL</u>]  MAXIMUM RATE OF INCREASE IN RATE OF
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0023|     INTEREST CHARGED--EXCEPTIONS.--The rate of interest charged by
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0024|     a card issuer for the use of a credit card shall not be
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0025|     increased more than once in any six-month period.  For any six-
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0001|     month period, the rate of interest charged by a card issuer for
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0002|     the use of a credit card shall not be more than two percentage
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0003|     points higher than the rate of interest charged during the
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0004|     preceding six-month period."
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0005|                               
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