S 381 ยท 10 Percent Credit Card Interest Rate Cap Act
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Introduced
- Feb 4, 2025
- Latest action
- Feb 4, 2025
- Sponsor
- Sen. Bernard Sanders [I-VT]
- Policy area
- Finance and Financial Sector
- Cosponsors
- 3
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.
Recent actions
- Feb 4, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Feb 4, 2025 Introduced in Senate
Votes
No recorded votes are available for this bill.