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- S.1389
S.1389: Loan Shark Prevention Act
About This Bill
- Introduced May 9, 2019
- Latest Major Action May 9, 2019
Bill Sponsor
Bill Cosponsor
Bill Version
- Introduced in Senate - May 9, 2019
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.
(Source: Library of Congress)
Bill Actions
Date | Description |
---|---|
May 9, 2019 |
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
|
May 9, 2019 |
Introduced in the Senate by Bernard Sanders (ID-Vt.) |