Extending Credit Protections to All Consumers, Limiting High-Cost Loans
This act expands consumer credit protections, previously available only to military members and their families, to all citizens. It means that most consumer loans will be subject to interest rate and fee limits, aiming to protect individuals from predatory lending practices. Exceptions include residential mortgages, car loans, and certain loans from federal credit unions.
Key points
Most consumer loans will have capped interest rates and fees, similar to current military protections.
Credit protection against high-cost loans will apply to all citizens, not just military personnel and their dependents.
Exemptions include residential mortgages, car purchase loans, and specific federal credit union loans.
State authorities will gain power to enforce these new rules and impose penalties for violations.
Expired
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