H.R. 1619 · 109th Congress
Loan Shark Prevention Act
- Stage
- In committee
- Sponsor
- Bernie Sanders
- Introduced
- 2005-04-13
- Latest action
- 2005-05-19 · Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Summary
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.