Pipeline · Bill → Law
Step 1
Introduced
Mar 6, 2025
Step 2
Referred
Mar 6, 2025
Financial Services
Step 3
Committee
Step 4
House floor
Step 5
Senate
Step 6
Resolve Changes
Step 7
Signed
SummaryCRS 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.
AmendmentAI
Timeline · 2 actions
Mar 6, 2025
Introduced in House
Mar 6, 2025
Referred to the House Committee on Financial Services.