Capping Credit Card Interest Rates Act

Bill: 118-s-2760
Sponsor: full_name: Sen. Hawley, Josh [R-MO]
Introduced: 2023-09-11
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-09-11
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-09-11
action_desc: Introduced in Senate
text: <p><strong>Capping Credit Card Interest Rates Act</strong></p><p>This bill caps credit card interest rates at 18%, including all finance charges. Additional charges may not be imposed to evade this limitation. Creditors who violate this bill are subject to civil liability.&nbsp;&nbsp;</p>

tv_txt: II 118th CONGRESS 1st Session S. 2760 IN THE SENATE OF THE UNITED STATES September 11, 2023 Mr. Hawley introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Truth in Lending Act to cap credit card interest rates.

1. Short title This Act may be cited as the Capping Credit Card Interest Rates Act . 2. Cap on credit card interest rates Section 107 of the Truth in Lending Act ( 15 U.S.C. 1606 ) is amended by adding at the end the following: (f) (1) The annual percentage rate applicable to an extension of credit obtained by use of a credit card may not exceed 18 percentage points, inclusive of all finance charges. (2) Any fees that are not considered finance charges under section 106(a) may not be used to evade the limitations of this paragraph, and the total sum of such fees may not exceed the total amount of finance charges assessed. (3) Any creditor who violates this subsection shall be subject to the provisions of section 130. .