10 Percent Credit Card Interest Rate Cap Act
- Bill Number
- S. 381
- Origin Chamber
- Senate
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2025-02-04: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Last Updated
- 2025-12-05T06:50:27Z
Official 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.
Sponsor
Cosponsors (3)
Sen. Hawley, Josh [R-MO], Sen. Merkley, Jeff [D-OR], Sen. Gillibrand, Kirsten E. [D-NY]
Recent Actions
- 2025-02-04: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2025-02-04: Introduced in Senate
Bill Versions
- 10 Percent Credit Card Interest Rate Cap Act — issued 2025-02-04 — PDF (3 pages)