H.R. 1944 · 119th Congress
10 Percent Credit Card Interest Rate Cap Act
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D
Ocasio-CortezSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill temporarily caps credit card interest rates at 10%.
What it does: CRS summary · Introduced in House · Mar 6, 2025
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: 10 Percent Credit Card Interest Rate Cap Act
Latest action (Mar 6, 2025): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 6, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.