1. Short title This Act may be cited as the Loan Shark Prevention Act . 2. Interest rate reduction (a) National consumer credit usury rate Section 107 of the Truth in Lending Act ( 15 U.S.C. 1606 ) is amended by adding at the end the following new subsection: (f) National consumer credit usury rate (1) Limitation established (A) In general Notwithstanding subsection (a) or any other provision of law, but except as provided in paragraph (2), the annual percentage rate applicable to any extension of credit may not exceed the lesser of— (i) 15 percent on unpaid balances, inclusive of all finance charges; or (ii) the maximum rate permitted by the laws of the State in which the consumer resides. (B) Other fees Any fees that are not considered finance charges under section 106(a) may not be used to evade the limitations of this paragraph, and the total sum of such fees may not exceed the total amount of finance charges assessed. (2) Exceptions (A) Board authority The Board may establish, after consultation with the appropriate committees of Congress, the Secretary of the Treasury, and any other interested Federal financial institution regulatory agency, an annual percentage rate of interest ceiling exceeding the 15-percent annual rate under paragraph (1) for periods of not to exceed 18 months, upon a determination that— (i) money market interest rates have risen over the preceding 6-month period