Loan Shark Prevention Act

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 22 May 2019

   Introduced

   Introduced in House

   Source: IntroReferral

2. 22 May 2019

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

3. 22 May 2019

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 22 May 2019 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 22 May 2019

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 22 May 2019

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 22 May 2019

  Open at official source

Sponsors

• Alexandria Ocasio-Cortez · D · Sponsor
• Rep. Thompson, Bennie G. [D-MS-2] · D · Sponsor
• Rep. Pressley, Ayanna [D-MA-7] · D · Sponsor
• Rep. Tlaib, Rashida [D-MI-12] · D · Sponsor
• Rep. Omar, Ilhan [D-MN-5] · D · Sponsor
• WM. CLAY · D · Sponsor
• Sheila Jackson Lee · D · Sponsor
• Rep. Velázquez, Nydia M. [D-NY-7] · D · Sponsor
• Rep. Khanna, Ro [D-CA-17] · D · Cosponsor
• JOSE SERRANO · D · Cosponsor
• · hsba00 · Standing

Related records

• related to → Loan Shark Prevention Act