S381Referred to Committee
10 Percent Credit Card Interest Rate Cap Act
Introduced
In Committee
3
Passed One Chamber4
Passed Both5
Signed into Law119th
Congress
2025-02-04
Introduced
3
Cosponsors
S
ⓘType
Sponsor
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
Full bill text is not yet cached locally.
Related legislation
Bills by the same sponsor or covering overlapping subjects.
- S5026Childhood Diabetes Reduction Act of 2026Referred to Committee · 2026-07-16
- S4825American A.I. Sovereign Wealth Fund ActReferred to Committee · 2026-06-18
- S4602Abolish Super PACs ActReferred to Committee · 2026-05-20
- S4551Restoring Overtime Pay Act of 2026Referred to Committee · 2026-05-18