Post by Markanite on Sept 12, 2022 14:47:40 GMT -5
Minimum Payment Act
A resolution to enact uniform standards that protect workers, consumers, and the general public.
Category: Regulation
Area of Effect: Consumer Protection
Proposed by: Imperium Anglorum
The World Assembly,
Believing that it is an unfair business practice to set minimum payments so low that it does not even cover interest accrued,
Observing that many people use unsecured retail credit lines, such as credit cards and personal loans, and
Concerned that such low minimum payments lead to a cycle of ever-increasing debt, hereby enacts as follows.
The minimum payment on any unsecured retail credit line must be equal to or greater than interest to be incurred over the payment period.
If a person sets a minimum payment less than the amount calculated in section 1 and a borrower makes that minimum payment, that payment must be treated as if it were in the minimum amount compliant with section 1.
This is the discussion thread. To cast your vote, go HERE