US SB1389 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on May 9 2019 - 25% progression, died in committee
Action: 2019-05-09 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on May 9 2019 - 25% progression, died in committee
Action: 2019-05-09 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Loan Shark Prevention Act
Sponsors
Sen. Bernard Sanders [I-VT] | Sen. Sheldon Whitehouse [D-RI] |
History
Date | Chamber | Action |
---|---|---|
2019-05-09 | Senate | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
Same As/Similar To
HB2930 (Same As) 2019-05-22 - Referred to the House Committee on Financial Services.
Subjects
Civil actions and liability
Congressional oversight
Consumer credit
Federal Reserve System
Finance and financial sector
Interest, dividends, interest rates
Congressional oversight
Consumer credit
Federal Reserve System
Finance and financial sector
Interest, dividends, interest rates
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1389/all-info |
Text | https://www.congress.gov/116/bills/s1389/BILLS-116s1389is.pdf |