Not adopted
This amendment was never taken up, and the bill finished without it. It was never voted on.
Its path through Congress
- Introduced
- Pending Consideration
- Failed
What this amendment would do
SA 2239, submitted by Mr. Hawley and Mr. Sanders, aims to add a cap on credit card interest rates to bill S. 1582.
The amendment proposes the following changes to the Truth in Lending Act:
- Interest Rate Cap: The annual percentage rate for credit cards cannot exceed 10 percentage points, including all finance charges.
- Fee Restrictions: Fees not considered finance charges cannot be used to get around the rate limit, and the total of these fees cannot be more than the total finance charges assessed.
- Penalties: Knowingly charging a rate or fee above the limit is a violation that results in the forfeiture of the entire interest.
- Consumer Recovery: People who paid a rate or fee above the limit can sue to recover the full amount of interest, finance charges, or fees paid, as long as the action is brought within 2 years of the last usurious collection.
- State Law: This section does not override any State law that offers consumers more protection.
- Sunset Date: These changes are set to take effect on January 1, 2031, at which point the amendments are stricken.
- 5/21/2025
- 1 Cosponsor added.
- Senate amendment submitted
Bernie SandersIndependent · Vermont