119th Congress
S. 381
10 Percent Credit Card Interest Rate Cap Act
- Introduced
- In committee
- Passed Senate
- Passed House
- To President
- Became law
- Sponsor
- Bernard Sanders(I-VT)
- Introduced
- Feb 4, 2025
- Policy area
- Finance and Financial Sector
- Committees
- Senate Committee on Banking, Housing, and Urban Affairs
- Official text
- Introduced in Senate · Congress.gov page
Cosponsors (3)
Original cosponsors (1)
- Josh Hawley (R-MO)
Added later (2)
- Jeff Merkley (D-OR) · Mar 11, 2025
- Kirsten E. Gillibrand (D-NY) · Oct 8, 2025
Summary
Summary by the Congressional Research Service· describes the “Introduced in Senate” 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
- Feb 4, 2025 · Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. - Feb 4, 2025
Introduced in Senate