Bill Sponsor
Senate Bill 1389
116th Congress(2019-2020)
Loan Shark Prevention Act
Introduced
Introduced
Introduced in Senate on May 9, 2019
Overview
Text
Introduced
May 9, 2019
Latest Action
May 9, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1389
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Independent
Vermont
Democrat
Rhode Island
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
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.

Text (1)
Actions (2)
05/09/2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
05/09/2019
Introduced in Senate
Public Record
Record Updated
Feb 8, 2022 11:21:46 PM