10 Percent Credit Card Interest Rate Cap Act has not moved since its introduction on Mar 6, 2025, with one cosponsor, a Republican
IntroducedMar 6, 2025
Reported—
Passed one chamber—
Passed both—
Law—
What it changes · CRS summary
Written by the Congressional Research Service [2]. 98 words.
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.
Context
- Committees
- House Financial Services Committee
- Policy area
- Finance and Financial Sector: 53 of 3,256 bills became law, 113th–118th (1.6%)
- Sponsor
- 0 of 57 bills enacted since 2013
- Text versions
- 1: introduced in house · 413 words
- Latest action
- Mar 6, 2025: Referred to the House Committee on Financial Services.
- Records
- Congress.gov · Bill text
Exhibit 1Passage odds band at each stage, rated when the bill reached it [4]
Related bills · 1
Each bill appears once, under its strongest link. 1 in all.
Identical or companion · 1
- 119th S. 381 10 Percent Credit Card Interest Rate Cap Act I · Introduced
Exhibit 2Articles naming the bill per day, last 90 days, US sources [3]