Predatory Lending Elimination Act

This bill would apply the consumer credit limits that federal law now gives to military members and their dependents, including the interest rate cap in the Military Lending Act, to all consumers. Home mortgages, car purchase loans secured by the car, and loans from federal credit unions would be excluded. The Consumer Financial Protection Bureau could not grant exemptions and would have to issue rules within 1 year, working with the Secretary of Defense. State attorneys general and state regulators could sue to enforce the rules within 3 years of a violation, and state laws with stronger protections would remain in effect.

Full text and official record on Congress.gov

Sponsors

• Jack Reed Democrat sponsor
• 15 cosponsors