S381Referred 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
2025-02-04
Introduced
3
Cosponsors
S
ⓘ
Type

Sponsor

Bernard Sanders
Bernard Sanders
Independent · VT · Senator

Source: Congress.gov · FEC

Cosponsors (3)

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 →

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2025-02-04

Source: Congress.gov

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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