Install
10 Percent Credit Card Interest Rate Cap Act
To amend the Truth in Lending Act to cap credit card interest rates at 10 percent.
- Introduced
- Committee
- Passed House
- Passed Senate
- To President
- Became law
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.
Summary by the Congressional Research Service, Library of Congress.
Actions
- Mar 6, 2025 Referred to the House Committee on Financial Services.
- Mar 6, 2025 Introduced in House
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