H.R. 2930 · 116th Congress
Loan Shark Prevention Act
- Stage
- In committee
- Sponsor
- Alexandria Ocasio-Cortez
- Introduced
- 2019-05-22
- Latest action
- 2019-05-22 · Introduced in House
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.