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HR 1619 109th Congress House Finance and Financial Sector Commerce Consumer credit Consumer education Consumer protection Credit cards Debtor and creditor Finance charges Interest rates Usury

Loan Shark Prevention Act

Introduced: April 13, 2005 Introduced by: Sanders, Bernard Independent · Vermont See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 19, 2005
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Apr 13, 2005
Referred to the House Committee on Financial Services.
Apr 13, 2005
Introduced in House
 Plain-English summary Congressional Research Service

Loan Shark Prevention Act - Amends the Truth in Lending Act to set a cap upon: (1) the annual percentage rate applicable to any extension of credit; and (2) the amount of any fee or charge that a creditor may impose under the terms of a credit transaction.

Amends the Fair Credit Reporting Act to prohibit a credit card issuer from using negative information contained in a consumer report to increase the annual percentage rate applicable to a credit card account, or to remove or increase any introductory annual percentage rate of interest applicable to such account, for reasons other than actions or omissions of the card holder that are directly related to such account.

What's happening now May 19, 2005

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Committees of jurisdiction 2
 Cosponsors 3
All 3 Democratic 3