A bill to protect consumers from usury.
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.
Referred to the House Committee on Financial Services.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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