Consumer Groups Seek Interest Rate Limits: Consumers...

Consumer Groups Seek Interest Rate Limits: Consumers Union and the California Public Interest Research Group urged the California Legislature to reinstate ceilings on the interest rates that retailers may charge customers. A study by Consumers Union found that major California retail interests donated $699,179 to legislators from 1987 to 1989. Last year, the Legislature deregulated retailers’ credit card rates. “The financial shenanigans that went on during the passage of this bill raise serious questions about the independence of the California Legislature,” said a spokesman for Consumers Union. In response, the California Retailers Assn. noted that retailers gave donations to opponents as well as supporters of the legislation and said that its contributions reflect the industry’s interest in a wide array of issues.