S 1389
116th Congress
Senate
Finance and Financial Sector
Civil actions and liability
Congressional oversight
Consumer credit
Federal Reserve System
Interest, dividends, interest rates
Loan Shark Prevention Act
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
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1
Cosponsors
1