A Democratic bill with 15 Democratic cosponsors · See all 15 cosponsors
Last activity — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S511-512)
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
The Predatory Lending Elimination Act seeks to amend the Truth in Lending Act. It aims to extend specific consumer credit protections currently provided to members of the Armed Forces and their dependents to all consumers. The bill implements the standards of the Military Lending Act for general consumer credit. It includes specific exceptions for residential mortgages, certain car loans, and Federal credit unions. The Act also establishes rules for calculating annual percentage rates and grants enforcement authority to State attorneys general and regulators.
Yes· 3 of 6
- Scored +8
Does this give people more protection from unfair business practices?
The bill extends Military Lending Act protections to all consumers to prevent predatory interest rates.
- Scored +7
Would households on low incomes be better off under this?
The bill limits interest rates on consumer credit, which provides significant relief to low-income earners.
- Scored +4
Would middle-income households be better off under this?
The bill provides increased protection against high-interest consumer credit for middle-income families.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Expanded Credit Protections: The bill extends the protections currently provided to military members and their dependents to all consumers, applying the standards of section 987(b) of title 10, United States Code, to general consumer credit (Section 2(a)(1)).
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State-Level Enforcement: State attorneys general and State regulators are granted the authority to bring civil actions to enforce these new provisions and secure remedies (Section 2(a)(f)(1) and (2)).
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Protection Against Lower Standards: The Bureau is required to issue rules that may not provide less protection to consumers than the protections currently afforded to covered military members (Section 2(a)(g)(2)(B)).
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Preservation of Stronger State Laws: The bill ensures that it does not take away any consumer protections that are already provided by State law if those state laws offer even greater protection (Section 2(a)(d)).
Potential Negative Impacts for People
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Exclusions for Certain Loans: The new protections would not apply to residential mortgages, certain car loans used for financing and secured by the vehicle, or loans made by Federal credit unions under specific interest rate limits (Section 2(a)(2)).
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Specific Fee Exceptions: For credit card accounts under an open-end, non-home-secured plan, certain bona fide fees are not required to be included in the finance charge calculation, though this does not apply to credit insurance premiums, debt cancellation contracts, or debt suspension agreements (Section 2(a)(c)(2)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would households on low incomes be better off under this? — The bill limits interest rates on consumer credit, which provides significant relief to low-income earners. Would middle-income households be better off under this? — The bill provides increased protection against high-interest consumer credit for middle-income families. Would people in cities be better off under this? — The bill provides consumer credit protections that are beneficial to city dwellers who often rely on various forms of credit.
- Economy And Finance
- Does this give people more protection from unfair business practices? — The bill extends Military Lending Act protections to all consumers to prevent predatory interest rates.
- Social Issues And Justice
- Is this likely to lift people out of poverty? — By capping interest rates on consumer credit, the bill helps prevent debt spirals that trap low-income individuals in poverty.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — The bill requires the Bureau to notify Congress and the public regarding the issuance of new consumer protection rules.
- 2/5/2026
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S511-512)
- 15 Cosponsors added.
- Introduced in Senate
Richard BlumenthalDemocrat · Connecticut
Cory BookerDemocrat · New Jersey
Tammy DuckworthDemocrat · Illinois
John FettermanDemocrat · Pennsylvania
Martin HeinrichDemocrat · New Mexico
Ben LujánDemocrat · New Mexico
Jeff MerkleyDemocrat · Oregon
Alex PadillaDemocrat · California
Brian SchatzDemocrat · Hawaii
Tina SmithDemocrat · Minnesota
Chris Van HollenDemocrat · Maryland
Ron WydenDemocrat · Oregon
Raphael WarnockDemocrat · Georgia
Peter WelchDemocrat · Vermont
Sheldon WhitehouseDemocrat · Rhode Island