Predatory Lending Elimination Act aims to extend consumer credit protections to all consumers.
The Predatory Lending Elimination Act seeks to amend the Truth in Lending Act by extending consumer credit protections, originally provided to members of the Armed Forces and their dependents, to all consumers. This includes limitations on consumer credit and maximum rates of interest, with specific rules for calculating the annual percentage rate for open-end credit. The bill also outlines penalties and remedies for violations, and preserves state enforcement rights. State attorneys general and state regulators are authorized to bring civil actions to enforce the provisions of this Act.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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