[Congressional Record Volume 171, Number 86 (Wednesday, May 21, 2025)]
[Senate]
[Page S3074]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2239. Mr. HAWLEY (for himself and Mr. Sanders) submitted an 
amendment intended to be proposed by him to the bill S. 1582, to 
provide for the regulation of payment stablecoins, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. __. CAP ON CREDIT CARD INTEREST RATES.

       (a) In General.--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 10 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 paragraph (1), and the total sum of such fees may not 
     exceed the total amount of finance charges assessed.
       ``(3) The taking, receiving, reserving, or charging of a 
     credit card annual percentage rate or fee greater than that 
     permitted under this subsection, when knowingly done, shall 
     be deemed a violation of this title, and a forfeiture of the 
     entire interest which the note, bill, or other evidence of 
     the obligation carries with it, or which has been agreed to 
     be paid thereon.
       ``(4) If a credit card annual percentage rate or fee 
     greater than that permitted under this subsection has been 
     paid, the person by whom it has been paid, or the legal 
     representative thereof, may, by bringing an action not later 
     than 2 years after the date on which the usurious collection 
     was last made, recover back from the lender in an action in 
     the nature of an action of debt, the entire amount of 
     interest, finance charges, or fees paid.
       ``(5) Any creditor who violates this subsection shall be 
     subject to the provisions of section 130.
       ``(g) Nothing in this section may be construed to preempt 
     any provision of State law that provides greater protection 
     to consumers than is provided under this section.''.
       (b) Technical and Conforming Amendment.--Section 130(a) of 
     the Truth in Lending Act (15 U.S.C. 1640(a)) is amended, in 
     the matter preceding paragraph (1), by inserting ``section 
     107(f),'' before ``this chapter''.
       (c) Sunset.--
       (1) In general.--The Truth in Lending Act (15 U.S.C. 1601 
     et seq.) is amended--
       (A) in section 107 (15 U.S.C. 1606), by striking 
     subsections (f) and (g); and
       (B) in section 130(a) (15 U.S.C. 1640(a)), in the matter 
     preceding paragraph (1), by striking ``section 107(f),''.
       (2) Effective date.--The amendments made by paragraph (1) 
     shall take effect on January 1, 2031.
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