H.R. 6977 · 110th Congress
Loan Shark Prevention Act
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
TierneySponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Loan Shark Prevention Act - Amends the Truth in Lending Act to limit: (1) the annual percentage rate (APR) applicable to any extension of credit to a maximum of 8 percentage points above the interest rate on tax underpayments established under the Internal Revenue Code; and (2) the amount of any fee or charge that a creditor may impose, under the terms of a…
What it does: CRS summary · Introduced in House · Sep 18, 2008
Loan Shark Prevention Act - Amends the Truth in Lending Act to limit: (1) the annual percentage rate (APR) applicable to any extension of credit to a maximum of 8 percentage points above the interest rate on tax underpayments established under the Internal Revenue Code; and (2) the amount of any fee or charge that a creditor may impose, under the terms of a credit transaction, to $15.
Declares that, in the case of any credit card account under an open end consumer credit plan, no fee (including any annual fee, late payment fee, or over-the-limit fee) may be imposed on such account until 30 days after the obligor receives a specific notice of the imposition of such fee.
Requires such a notice to explain how, when, and why a fee will be imposed and what options the obligor may have for addressing the fee or any reason for it, including the prevention of any future imposition of such fee.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Loan Shark Prevention Act
Latest action (Sep 18, 2008): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 18, 2008
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.