10 Percent Credit Card Interest Rate Cap Act

This bill would temporarily limit the interest rate on credit cards to no more than 10%. If a credit card company knowingly charges more than that, it would lose the right to collect any interest on that debt. People who are overcharged could also sue to get back interest, fees, or finance charges, as long as they file within two years. These rules would be enforced by the Consumer Financial Protection Bureau and the Federal Trade Commission, and they would expire on January 1, 2031.

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