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States Can Limit Consumer Loan Interest Rates

This act allows individual states to set maximum interest rates for consumer credit, such as loans and credit cards. This means states can protect their residents from very high borrowing costs, potentially impacting debt expenses and credit availability.
Key points
States can now independently set upper limits on interest rates for most consumer credit transactions.
The goal is to protect consumers from excessive borrowing costs, potentially reducing their debt burden.
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Expired
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Additional Information
Print number: 117_S_4072
Sponsor: Sen. Whitehouse, Sheldon [D-RI]
Process start date: 2022-04-07
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Empowering States' Rights To Protect Consumers Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4072.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-04-07.

What are the main provisions?

Key points include:

  • States can now independently set upper limits on interest rates for most consumer credit transactions.
  • The goal is to protect consumers from excessive borrowing costs, potentially reducing their debt burden.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Whitehouse, Sheldon [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy Courts and Law