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Predatory Lending Elimination Act: Extending Military Credit Protections to All Consumers

This bill amends the Truth in Lending Act to extend consumer credit protections provided to members of the Armed Forces to all consumers. It applies specific limitations on consumer credit and maximum interest rates found in the United States Code for military lending to the general public.
Key points
Applies section 987(b) of title 10, United States Code (regarding interest rate limits), to all consumers.
Excludes residential mortgages and loans procured for purchasing a car that are secured by the car.
Excludes loans made by Federal credit unions, which remain subject to separate interest rate limits.
Requires the inclusion of credit insurance premiums and fees for ancillary products in the finance charge calculation.
Empowers State attorneys general and State regulators to bring civil actions to enforce these provisions.
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Status: Introduced
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Additional Information
Print number: 119_S_3793
Sponsor: Sen. Reed, Jack [D-RI]
Process start date: 2026-02-05
System Note: Lustra is free, publicly auditable civic infrastructure — full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source—always verify them if you can.
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 119_S_3793.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2026-02-05.

What are the main provisions?

Key points include:

  • Applies section 987(b) of title 10, United States Code (regarding interest rate limits), to all consumers.
  • Excludes residential mortgages and loans procured for purchasing a car that are secured by the car.
  • Excludes loans made by Federal credit unions, which remain subject to separate interest rate limits.
  • Requires the inclusion of credit insurance premiums and fees for ancillary products in the finance charge calculation.
  • Empowers State attorneys general and State regulators to bring civil actions to enforce these provisions.
What is the specific legal status?

The current status is Introduced.

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 2026-02-22.

What is the impact of this bill?

We don't know—that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Courts and Law