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US HB1944
Bill
Status
Introduced
3/6/2025
Primary Sponsor
Alexandria Ocasio-Cortez
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AI Summary
- Caps credit card annual percentage rates at 10%, inclusive of all finance charges, by amending Section 107 of the Truth in Lending Act
- Prohibits fees not classified as finance charges from being used to circumvent the rate cap; total non-finance fees cannot exceed total finance charges assessed
- Allows consumers who paid rates or fees exceeding the cap to sue within 2 years to recover the entire amount of interest, finance charges, or fees paid
- Violators face forfeiture of all interest on the debt and are subject to existing Truth in Lending Act enforcement provisions under Section 130
- Includes a sunset provision that automatically repeals the rate cap on January 1, 2031
Legislative Description
10 Percent Credit Card Interest Rate Cap Act
Finance and financial sector
Last Action
Referred to the House Committee on Financial Services.
3/6/2025
Committee Referrals
Financial Services3/6/2025
Full Bill Text
No bill text available