HR1944Referred to Committee

10 Percent Credit Card Interest Rate Cap Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-03-06
Introduced
1
Cosponsors
HR
ⓘ
Type

Sponsor

Alexandria Ocasio-Cortez
Alexandria Ocasio-Cortez
Democrat · NY · Representative
Votes with party: 96.2% (655 recorded votes)
Top industries funding sponsor:
  • Climate & Environment$5k

Full profile: /officials/O000172

Source: Congress.gov · FEC

Cosponsors (1)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Referred to the House Committee on Financial Services.

2025-03-06

Source: Congress.gov

Committee Activity

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Plain-English Summary

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.

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Finance and Financial Sector
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