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Predatory Lending Elimination: Extending Military Protections to All Consumers

This bill extends consumer credit protections currently provided to members of the Armed Forces and their dependents to all consumers. It applies the limitations on consumer credit and maximum interest rates found in the Military Lending Act (typically a 36% cap) to the general public. Exceptions include residential mortgages, loans for purchasing a car secured by the vehicle, and loans made by Federal credit unions.
Key points
Extends the provisions of section 987 of title 10, United States Code (Military Lending Act), to all consumers.
Excludes residential mortgages, vehicle purchase loans secured by the vehicle, and loans from Federal credit unions from these regulations.
Empowers State attorneys general and State regulators to bring civil actions to enforce the provisions of the bill.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_S_3549
Sponsor: Sen. Reed, Jack [D-RI]
Process start date: 2023-12-14
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Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Predatory Lending Elimination Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3549.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-12-14.

What are the main provisions?

Key points include:

  • Extends the provisions of section 987 of title 10, United States Code (Military Lending Act), to all consumers.
  • Excludes residential mortgages, vehicle purchase loans secured by the vehicle, and loans from Federal credit unions from these regulations.
  • Empowers State attorneys general and State regulators to bring civil actions to enforce the provisions of the bill.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Reed, Jack [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy Courts and Law