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S. 381 · 119th Congress

10 Percent Credit Card Interest Rate Cap Act

In committee

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Bill details

Introduced: 2/4/2025
Current status: In committee
Bill ID: 119s381
Latest official action: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill overview

A neutral overview based on official congressional sources.

Introduced in Senate

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.

Source: BILLSUM · Summary date: 2/4/2025

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Last updated: 2/4/2025Source: BILLSUMBill: 119s381Learn more →