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Bill Detail

S. 381

Congress: 119

Title

10 Percent Credit Card Interest Rate Cap Act

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

Sen. Bernard Sanders [I-VT]

Status

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Status as of Jun 29, 8:32 AM · synced 12h ago

Introduced

2025-02-04

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Bill Engagement

Lobbyists on the case

4 orgs · 55 lobbyists · 12 filings mention S. 381 (10 Percent Credit Card Interest Rate Cap Act) in LDA disclosures.