S 1389
Loan Shark Prevention Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Loan Shark Prevention Act aims to protect consumers from predatory lending practices by establishing a national limit on interest rates for extensions of consumer credit. Specifically, the annual percentage rate cannot exceed 15% on unpaid balances, with potential temporary exceptions if money market rates rise and threaten lender stability. The bill also clarifies rules regarding fees and ensures state laws providing greater consumer protection are not preempted.
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