Bill > S3721

This bill, titled the "Empowering States' Rights To Protect Consumers Act of 2026," amends the Truth in Lending Act, a federal law that requires lenders to disclose key information about loan terms and costs to consumers. Specifically, it adds a new section that allows individual states to set their own maximum limits on the annual percentage rate (APR), which is the total cost of borrowing expressed as a yearly rate, for most consumer credit transactions, excluding home mortgages. This means that if a consumer lives in a state with a lower APR cap, lenders must adhere to that state's limit, even if federal law might otherwise permit a higher rate, thereby empowering states to provide greater consumer protection regarding the cost of credit.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/3721/all-info