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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.

Senate Actions

IntroReferral
Feb. 04 2025	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Library of Congress Actions

IntroReferral
Feb. 04 2025	Introduced in Senate

Senate bill S381-119

10 Percent Credit Card Interest Rate Cap Act

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