S. 3721 — Introduced in Senate

II 119th CONGRESS 2d Session S. 3721 IN THE SENATE OF THE UNITED STATES January 29, 2026Mr. 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. 1. Short title This Act may be cited as the Empowering States' Rights To Protect Consumers Act of 2026. 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: 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. .