10 Percent Credit Card Interest Rate Cap Act
- Stage
- In committee
- Started in
- House
- Sponsors
- 2
- Latest action
- Mar 6, 2025
What it does
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.
Official summary · Introduced in House · Mar 6, 2025
Titles and provisions can change as the bill moves.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
Sponsors
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The record
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