H.R.1619 - Loan Shark Prevention Act109th Congress (2005-2006)
|Sponsor:||Rep. Sanders, Bernard [I-VT-At Large] (Introduced 04/13/2005)|
|Committees:||House - Financial Services|
|Latest Action:||05/19/2005 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1619 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (04/13/2005)
Loan Shark Prevention Act - Amends the Truth in Lending Act to set a cap upon: (1) the annual percentage rate applicable to any extension of credit; and (2) the amount of any fee or charge that a creditor may impose under the terms of a credit transaction.
Amends the Fair Credit Reporting Act to prohibit a credit card issuer from using negative information contained in a consumer report to increase the annual percentage rate applicable to a credit card account, or to remove or increase any introductory annual percentage rate of interest applicable to such account, for reasons other than actions or omissions of the card holder that are directly related to such account.