Lets states set limits on interest rates for most loans, protecting consumers.
This bill would let states set the top interest rates for most consumer loans, like credit cards and personal loans. This means consumers would be covered by their state's rules on how much interest lenders can charge. Right now, federal law can sometimes override these state limits.
Today, federal law can sometimes allow interest rates on consumer loans to be higher than what individual states permit. If this bill becomes law, the annual interest rate and fees for most consumer loans would not be allowed to exceed the maximum rate set by the state where the consumer lives. This would give states the final say on these interest rate limits.
S 3721 · 119th Congress · AI Summary by gemini-2.5-flash · 10/10
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6 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.