statutory cap
nounUK /ˈstætʃ.ə.tər.i kæp/
US /ˈstætʃ.ə.tɔːr.i kæp/
A legal limit on how much something can be, set by a law.
The rent increase is subject to a statutory cap of five percent.
RELATED WORDS
OTHER MEANINGS
2. A maximum amount of money that a law says can be charged or paid.
The statutory cap on damages kept the award below one million dollars.
3. A fixed upper limit written into a law for fees, rates, or penalties.
Late fees cannot exceed the statutory cap set by the state.
4. A legal restriction that stops a number from rising beyond a set point.
Lawmakers debated raising the statutory cap on campaign spending.