119th Congress Finance and Financial Sector
S. 381: 10 Percent Credit Card Interest Rate Cap Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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 Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Joshua Hawley R-MOOriginal
- Jeff Merkley D-OR
- Kirsten Gillibrand D-NY
Who scored on this bill
- 1Bernard Sanders SponsorDrew cross-party cosponsors, introduced2 events+6
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Other bills by Bernard Sanders
History
- Introduced in the Senate by Bernard Sanders.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.