119th Congress
H.R. 1944
10 Percent Credit Card Interest Rate Cap Act
- Introduced
- In committee
- Passed House
- Passed Senate
- To President
- Became law
- Sponsor
- Alexandria Ocasio-Cortez(D-NY)
- Introduced
- Mar 6, 2025
- Policy area
- Finance and Financial Sector
- Committees
- House Committee on Financial Services
- Official text
- Introduced in House · Congress.gov page
Cosponsors (1)
Original cosponsors (1)
- Anna Paulina Luna (R-FL)
Summary
Summary by the Congressional Research Service· describes the “Introduced in House” version
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.
Roll-call votes
No recorded votes on this bill.
Actions
- Mar 6, 2025 · House
Referred to the House Committee on Financial Services. - Mar 6, 2025
Introduced in House