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10 Percent Credit Card Interest Rate Cap Act

S. 381 Sen. Bernard Sanders (I-VT) In committee
Bill text PDF
  1. Introduced Feb 4
  2. Committee Feb 4
  3. Passed Senate Next
  4. Passed House Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Feb 4, 2025Next: Senate vote
630d ago Feb 4, 2025: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
6companies, 34 filings
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Member trades
9trades in the last 90 days
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Companies lobbying on this bill

6 companies
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Financials 5Technology & Software 1
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Summary

10 Percent Credit Card Interest Rate Cap Act

Full summary3 paragraphs

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.

Library of Congress summary, Feb 4, 2025

Summary versions
  • Introduced in SenateFeb 4, 2025

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.