10 Percent Credit Card Interest Rate Cap Act
The summary
What this bill 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.
Legislative timeline
From introduction
Feb 4, 2025
Introduced & referred to committee
Congressional support
Sponsors & Cosponsors
U.S. Representative - VT · I-VT
Roll-call vote
The vote, by member
The vote, by member
VERSION CHANGES
What changed,
and where.
Loading the bill text comparison.
Bill Metadata
| Congress | 119 |
| Bill Type | S |
| Bill Number | 381 |
| Origin Chamber | Senate |
| Current Status | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
| Policy Area | Finance and Financial Sector |
| Primary Committee | Not assigned |
| Introduced | February 4, 2025 |
| Latest Action | February 4, 2025 |
| Cosponsors | 3 · House vote — · — views |