Loan Shark Prevention Act
Latest action · May 19, 2005 Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 13, 2005
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 24
Members who signed on, in the order they did. Signatures ran from Apr 13, 2005 to Sep 29, 2006; 18 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Anthony D. Weiner | Original | Apr 13, 2005 |
| D-CA | Barbara Lee | Original | Apr 13, 2005 |
| D-MI | Carolyn C. Kilpatrick | Original | Apr 13, 2005 |
| D-OH | Dennis J. Kucinich | Original | Apr 13, 2005 |
| D-MD | Elijah E. Cummings | Original | Apr 13, 2005 |
| D-CA | Fortney Pete Stark | Original | Apr 13, 2005 |
| D-CA | George Miller | Original | Apr 13, 2005 |
| D-MA | James P. McGovern | Original | Apr 13, 2005 |
| D-IL | Janice D. Schakowsky | Original | Apr 13, 2005 |
| D-IL | Jesse L. Jackson, Jr. | Original | Apr 13, 2005 |
| D-MI | John Conyers, Jr. | Original | Apr 13, 2005 |
| D-MA | John F. Tierney | Original | Apr 13, 2005 |
| D-IL | Lane Evans | Original | Apr 13, 2005 |
| D-CA | Lynn C. Woolsey | Original | Apr 13, 2005 |
| D-NY | Major R. Owens | Original | Apr 13, 2005 |
| D-AZ | Raúl M. Grijalva | Original | Apr 13, 2005 |
| D-TX | Sheila Jackson Lee | Original | Apr 13, 2005 |
| D-CA | Tom Lantos | Original | Apr 13, 2005 |
| D-IL | Jerry F. Costello | Apr 28, 2005 | |
| D-PA | Robert A. Brady | May 16, 2005 | |
| D-MN | Betty McCollum | Jun 7, 2005 | |
| D-NJ | Robert E. Andrews | Jan 31, 2006 | |
| D-CA | Sam Farr | May 23, 2006 | |
| D-MA | Martin T. Meehan | Sep 29, 2006 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Apr 13, 2005 |
| Consumer Protection and Financial Institutions Subcommittee | Referred May 19, 2005 |
Actions 3
Everything that happened, newest first.
- May 19, 2005Referred to the Subcommittee on Financial Institutions and Consumer Credit.
- Apr 13, 2005Introduced in House
- Apr 13, 2005Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 109-29 | HELPING CONSUMERS OBTAIN THE CREDIT THEY DESERVE184 pages | Financial Services Committee | May 12, 2005 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Truth in Lending Act to protect consumers from usury and unreasonable fees, and for other purposes.
- Short Titles as Introduced
- Loan Shark Prevention Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Apr 13, 2005Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.