Loan Shark Prevention Act

United States116th CongressHR-2930House of Representatives
Updated: May 22, 2019

Summary

Loan Shark Prevention Act This bill limits the annual percentage rate for an extension of consumer credit to 15%. The Federal Reserve Board may raise this rate if (1) money market interest rates rise over six months, and (2) it is necessary to ensure the safety and soundness of lenders.

Bill texts

Available versions
Introduced (House)View official text

1 version available

All available records shown.

Timeline

Latest companion bill action

S-1389: Loan Shark Prevention Act

Introduced in Senate

  1. Referred to the House Committee on Financial Services.

    House of Representatives

  2. Introduced in House

All available records shown.