Summary: S.1389 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for S.1389. Bill summaries are authored by CRS.

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Introduced in Senate (05/09/2019)

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.