S 381
119th Congress
Senate
Finance and Financial Sector
10 Percent Credit Card Interest Rate Cap Act
Introduced: February 4, 2025
Introduced by:
Sanders, Bernard
Independent
· Vermont
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 4, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 4, 2025
Introduced in Senate
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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.