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States Regain Power to Cap Consumer Credit Interest Rates.

This bill restores the authority of individual states to set maximum Annual Percentage Rates (APR) for most consumer credit transactions, such as credit cards and personal loans. If a consumer's state has a lower interest rate cap, lenders must adhere to that state limit, regardless of where the lender is based. This measure aims to protect consumers from excessively high-interest loans, though it excludes residential mortgages.
Key points
States are empowered to set the maximum interest rates (APR) for most consumer loans, including associated fees.
The interest rate charged cannot exceed the limit set by the law of the consumer's state of residence.
The goal is to protect citizens from predatory lending practices involving excessively high fees and interest by strengthening state consumer protection laws.
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Additional Information
Print number: 118_S_1934
Sponsor: Sen. Whitehouse, Sheldon [D-RI]
Process start date: 2023-06-13
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Empowering States' Rights To Protect Consumers Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1934.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-06-13.

What are the main provisions?

Key points include:

  • States are empowered to set the maximum interest rates (APR) for most consumer loans, including associated fees.
  • The interest rate charged cannot exceed the limit set by the law of the consumer's state of residence.
  • The goal is to protect citizens from predatory lending practices involving excessively high fees and interest by strengthening state consumer protection laws.
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 2025-12-26.

CATEGORIES

Economy Courts and Law