10 Percent Credit Card Interest Rate Cap Act
119-HR-1944119th CongressIntroduced Mar 6, 2025Finance and Financial Sector
Market Probability
No market
Status
Introduced
Committee
Floor Vote
Other Chamber
Signed
Referred to the House Committee on Financial Services.
Sponsor
Rep. Ocasio-Cortez, Alexandria [D-NY-14](D-NY-14)1 cosponsor
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.
Actions (3)
Referred to the House Committee on Financial Services.
Mar 6, 2025House floor actions
Introduced in House
Mar 6, 2025Library of Congress
Introduced in House
Mar 6, 2025Library of Congress