[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 2760 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 2760

  To amend the Truth in Lending Act to cap credit card interest rates.


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                   IN THE SENATE OF THE UNITED STATES

                           September 11, 2023

  Mr. Hawley introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

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                                 A BILL


 
  To amend the Truth in Lending Act to cap credit card interest rates.

    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 ``Capping Credit Card Interest Rates 
Act''.

SEC. 2. CAP ON CREDIT CARD INTEREST RATES.

    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 18 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 this 
paragraph, and the total sum of such fees may not exceed the total 
amount of finance charges assessed.
    ``(3) Any creditor who violates this subsection shall be subject to 
the provisions of section 130.''.
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