S. 381In Committee
10 Percent Credit Card Interest Rate Cap Act
Temporarily caps credit card interest rates at 10% and sets penalties and legal remedies for violations until January 1, 2031
Plain-English overview
What this bill does
Temporarily caps credit card interest rates at 10% and sets penalties and legal remedies for violations until January 1, 2031
Key points
- Allow private debtor lawsuits
- Cap credit card interest rates
- Forfeit unlawful interest charges
- Extend Truth in Lending liability
Current status
Where it stands
Status
In Committee
Latest action
2025-02-04 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Related context
Topics and policy areas
undefinedFinance and Financial Sector