10 Percent Credit Card Interest Rate Cap Act

HR 1944, the "10 Percent Credit Card Interest Rate Cap Act," would cap the annual percentage rate (APR) for credit cards at 10%, including all finance charges. It prohibits creditors from using non-finance-charge fees to circumvent this limit and allows consumers who paid over the 10% rate to recover those amounts within two years. The bill amends the Truth in Lending Act to establish this federal standard, while allowing states to maintain stricter consumer protections. This provision would expire on January 1, 2031, as specified in the bill's sunset clause.