The main purpose of this legislation is to give individual states the authority to determine the maximum interest rates that can be charged on consumer credit transactions. This is a significant shift from the current federal regulations, allowing states to set their own limits on annual percentage rates (APRs) for various types of consumer loans, excluding residential mortgages. Key provisions of the legislation include the establishment of a new section in the Truth in Lending Act that specifically states that the maximum APR for consumer credit transactions will be determined by state law.