Predatory Lending Elimination Act
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Summary
The bill would amend the Truth in Lending Act to apply the Military Lending Act's protections to all consumers, which would generally apply the Military Lending Act's limits on consumer credit, including its maximum annual percentage rate, to credit extended to the general public. It exempts residential mortgages, certain purchase-money auto loans secured by the car, and loans from federal credit unions, and it preserves more protective state laws. It directs the Consumer Financial Protection Bureau, in consultation with the Secretary of Defense, to issue implementing rules within one year, and it allows enforcement by state attorneys general and state regulators. Its provisions generally take effect upon the earlier of the rules' compliance date or 18 months after enactment.
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How your representatives voted
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