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119-s-3721119th CongressWALLET

Empowering States' Rights To Protect Consumers Act of 2026

Sponsored By: Senator Whitehouse, Sheldon [D-RI]

Introduced

Summary

Gives states the final say on APR caps for most consumer loans. This bill would require that the annual percentage rate for non-mortgage consumer credit cannot exceed the maximum rate allowed by the borrower’s state and would count any fees in that APR calculation.

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  • Consumers: Borrowers would be capped by their state’s maximum APR for most consumer credit. Fees charged with the loan would count toward that cap.
  • Lenders and markets: Lenders would have to set APRs based on the borrower’s state limit even if federal law allows higher rates. The change applies to any consumer credit transaction other than residential mortgages.
  • States and enforcement: The bill would preserve state usury limits by overriding conflicting federal statutes or rules for covered consumer credit. Compliance and enforcement would follow the existing Truth in Lending Act framework.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

State APR caps for consumer loans

If enacted, this bill would limit the APR on any consumer credit transaction to the maximum rate allowed by the laws of the State where you live. This would not apply to residential mortgage transactions. Lenders would have to include fees when calculating APR for these loans. The bill's "notwithstanding any other provision of law" language would make the state cap override conflicting federal APR rules.

Sponsors & CoSponsors

Sponsor

Whitehouse, Sheldon [D-RI]

RI • D

Cosponsors

  • Sen. Warren, Elizabeth [D-MA]

    MA • D

    Sponsored 1/29/2026

  • Sen. Reed, Jack [D-RI]

    RI • D

    Sponsored 1/29/2026

  • Sen. Merkley, Jeff [D-OR]

    OR • D

    Sponsored 1/29/2026

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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