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Chilean Senate Looks to Cap Interest Rates on Credit Cards

Chile’s Senate will work with the government to introduce legislation that would regulate the maximum interest rate credit card companies can charge, the Senate said in a statement posted on its website yesterday.

Introduced in part by Senate Economic Committee President Eugenio Tuma, the proposal would complement a bill already under discussion in Congress that would lower the maximum rate banks can charge on some consumer loans, the Senate said. Senators haven’t yet defined a maximum rate for credit cards.

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