PSI Sci
New here? Follow the money and the votes · Not sure of your district? Find your U.S. House member · Find your state legislators

H.R. 6977: Loan Shark Prevention Act

Before you vote › Federal bills

H.R. 6977: Loan Shark Prevention Act

110th Congress · introduced 2008-09-18 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2008-09-18 · official record
  2. Who proposed it: Rep. Tierney, John F. [D-MA-6] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Loan Shark Prevention Act

Plain summary

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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Loan Shark Prevention Act

Source: Congressional Research Service summary (Introduced in House)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Tierney, John F. [D-MA-6] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Janice D. Schakowsky (D-IL)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

Record fed-us-cong110-hr6977 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110