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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.
Introduced
Feb 4, 2025
Last Action
Feb 4, 2025
Session
119th Congress
Sponsors
1 primary · 3 co
Passage Probability
2% — Very Low
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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2%
Estimate based on legislative signals
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Upgrade to ProRead twice and referred to the Committee on Banking, Housing, and Urban Affairs.