| Bill | S 381 |
|---|---|
| Type of Legislation | Senate Bill |
| Congress | 119 |
| Status | Active |
| Source | View original on Congress.gov |
Geographic Scope
National
Description
10 Percent Credit Card Interest Rate Cap Act
This bill temporarily caps credit card interest rates at 10%.
Creditors that knowingly violate this bill forfeit the entire interest of the debt. The bill also provides a private right of action for debtors to recover interest, finance charges, or fees. The action must be brought within two years of the violation. In addition, violations of this bill are subject to civil liability under the Truth in Lending Act, which is enforced by the Consumer Financial Protection Bureau and the Federal Trade Commission.
These changes sunset on January 1, 2031.
Bill Title
10 Percent Credit Card Interest Rate Cap Act
Linked Goals
Steps
- 2025-02-04: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2025-02-04: Introduced in Senate
Projected Outcome
A more informed proposal or public response aligned with the Promote General Welfare goal.