10 Percent Credit Card Interest Rate Cap Act has not moved since its introduction on Feb 4, 2025, with cosponsors from both parties
IntroducedFeb 4, 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
- Senate Banking, Housing, and Urban Affairs Committee
- Policy area
- Finance and Financial Sector: 53 of 3,256 bills became law, 113th–118th (1.6%)
- Sponsor
- 2 of 287 bills enacted since 2013
- Text versions
- 1: introduced in senate · 413 words
- Latest action
- Feb 4, 2025: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 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 H.R. 1944 10 Percent Credit Card Interest Rate Cap Act D · Introduced
Exhibit 2Articles naming the bill per day, last 90 days, US sources [3]