Empowering States' Rights To Protect Consumers Act of 2026

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 3721 Introduced in Senate (IS)]

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119th CONGRESS
  2d Session
                                S. 3721

  To amend the Truth in Lending Act to empower the States to set the 
     maximum annual percentage rates applicable to consumer credit 
                 transactions, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                            January 29, 2026

  Mr. Whitehouse (for himself, Ms. Warren, Mr. Reed, and Mr. Merkley) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
  To amend the Truth in Lending Act to empower the States to set the 
     maximum annual percentage rates applicable to consumer credit 
                 transactions, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Empowering States' Rights To Protect 
Consumers Act of 2026''.

SEC. 2. LIMITS ON ANNUAL PERCENTAGE RATES.

    (a) In General.--Chapter 2 of the Truth in Lending Act (15 U.S.C. 
1631 et seq.) is amended by adding at the end the following:

``SEC. 140B. LIMITS ON ANNUAL PERCENTAGE RATES.

    ``Notwithstanding any other provision of law, the annual percentage 
rate applicable to any consumer credit transaction (other than a 
residential mortgage transaction), including any fees associated with 
such a transaction, may not exceed the maximum rate permitted by the 
laws of the State in which the consumer resides.''.
    (b) Technical and Conforming Amendment.--The table of contents for 
chapter 2 of the Truth in Lending Act is amended by adding at the end 
the following:

``140B. Limits on annual percentage rates.''.
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