Bill116th CongressFiled May 9, 2019Finance and Financial Sector
S. 1389
Loan Shark Prevention Act
Bill journey · stage 2 of 5
Under committee review
FiledFiled
CommitteeComm.
PassedFloor
Both ChambersBoth
Became LawLaw
What it doesSummary introduced in senate (May 9, 2019)
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 just happenedMay 9, 2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who’s behind it
Sen. Sanders, Bernard [I-VT](I-VT)Sponsor
1 cosponsor1 D
1cosponsors1committees2actions1related bills5subjects
- Introduced in SenateMay 9, 2019
- May 9, 2019IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Banking, Housing, and Urban Affairs Committee - May 9, 2019IntroReferral10000
Introduced in Senate