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S. 1389 116th Congress Senate

Loan Shark Prevention Act

Official title: A bill to protect consumers from usury.

Introduced: May 9, 2019 Introduced by: Bernard Sanders Independent · Vermont See on congress.gov
Finance and Financial Sector Civil actions and liabilityCongressional oversightConsumer creditFederal Reserve SystemInterest, dividends, interest rates
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 9, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 9, 2019
Introduced in Senate
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 Latest action May 9, 2019

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 1
  • HR 2930 Identical bill Loan Shark Prevention Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Whitehouse, Sheldon
Rhode Island · May 9, 2019
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1389: Loan Shark Prevention Act. 116th Congress. Open America. https://openamerica.io/bill/116-S-1389/
MLA
"S. 1389: Loan Shark Prevention Act." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-S-1389/.
Bluebook (legal)
S. 1389, 116th Cong. (2026), https://openamerica.io/bill/116-S-1389/.
Markdown link
[S. 1389: Loan Shark Prevention Act](https://openamerica.io/bill/116-S-1389/)
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