Search Results: keywords:"credit card interest rate cap"

  • H. R. 1944 — To amend the Truth in Lending Act to cap credit card interest rates at 10 percent.
    Status:Introduced in House
    Words:640

    The bill H. R. 1944 seeks to amend the Truth in Lending Act by setting a cap on credit card interest rates at 10%. It specifies that fees not classified as finance charges cannot be used to bypass this cap and limits the total of such fees. Violations of this cap would lead...

    Simple Explanation

    The bill H. R. 1944 wants to make sure people don't have to pay more than 10% interest on their credit cards, and if companies charge more, they get in trouble. This rule lasts until 2031, unless it gets extended.

  • S. 381 — To amend the Truth in Lending Act to cap credit card interest rates at 10 percent.
    Status:Introduced in Senate
    Words:647

    The bill, S. 381, aims to amend the Truth in Lending Act to place a cap on credit card interest rates at 10 percent. It introduces limitations on fees associated with credit cards to ensure they don't bypass this cap, and enforces penalties for violations. Additionally,...

    Simple Explanation

    This bill wants to make sure people don't have to pay more than 10% interest when they use their credit cards, and if someone is charged too much, they can ask to get it back within two years. But after December 31, 2030, these rules might go away unless new ones are made, so credit card costs could become high again.