10 Percent Credit Card Interest Rate Cap Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 1944 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 1944 To amend the Truth in Lending Act to cap credit card interest rates at 10 percent. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES March 6, 2025 Ms. Ocasio-Cortez (for herself and Mrs. Luna) introduced the following bill; which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To amend the Truth in Lending Act to cap credit card interest rates at 10 percent. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``10 Percent Credit Card Interest Rate Cap Act''. SEC. 2. CAP ON CREDIT CARD INTEREST RATES. (a) In General.--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 10 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 paragraph (1), and the total sum of such fees may not exceed the total amount of finance charges assessed. ``(3) The taking, receiving, reserving, or charging of a credit card annual percentage rate or fee greater than that permitted under this subsection, when knowingly done, shall be deemed a violation of this title, and a forfeiture of the entire interest which the note, bill, or other evidence of the obligation carries with it, or which has been agreed to be paid thereon. ``(4) If a credit card annual percentage rate or fee greater than that permitted under this subsection has been paid, the person by whom it has been paid, or the legal representative