10 Percent Credit Card Interest Rate Cap Act
- Last Action
- 3/6/2025
Actions
- 2025-03-06Referred to the House Committee on Financial Services.
- 2025-03-06Introduced in House
- 2025-03-06Introduced in House
CRS Summary
As of 2025-03-06 (00)
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.
Cosponsors (1)
- Anna Paulina Luna (R-FL)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.