Loan Shark Prevention Act
USA116th CongressS-1389| Senate
| Updated: 5/9/2019
Bernard Sanders
Independent Senator
Vermont
Cosponsors (1)
Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
Civil actions and liabilityCongressional oversightConsumer creditFederal Reserve SystemInterest, dividends, interest rates
Loan Shark Prevention Act
USA116th CongressS-1389| Senate
| Updated: 5/9/2019
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.
View Full TextSuggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Bernard Sanders
Independent Senator
Vermont
Cosponsors (1)
Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
Related Bills
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Civil actions and liabilityCongressional oversightConsumer creditFederal Reserve SystemInterest, dividends, interest rates