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US SB3721
Bill
Status
1/29/2026
Primary Sponsor
Sheldon Whitehouse
Click for details
AI Summary
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Amends the Truth in Lending Act to require that annual percentage rates (APR) on consumer credit transactions cannot exceed the maximum rate permitted by the consumer's state of residence
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Applies to all consumer credit transactions except residential mortgages
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Includes all fees associated with credit transactions in the APR cap calculation
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Overrides other federal provisions that may currently preempt state interest rate limits, restoring state authority to regulate consumer lending rates
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Introduced January 29, 2026 by Senators Whitehouse, Warren, Reed, and Merkley; referred to Senate Banking Committee
Legislative Description
Empowering States' Rights To Protect Consumers Act of 2026
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
1/29/2026