S. 3549, titled the “Predatory Lending Elimination Act,” proposes to extend consumer credit protections currently provided to members of the Armed Forces and their families to all consumers in the United States. The bill seeks to amend the Truth in Lending Act to impose similar limitations on...
Simple Explanation
The Predatory Lending Elimination Act wants to make sure that everyone has the same rules that protect soldiers and their families from getting unfair deals when borrowing money, like making sure loans aren't too expensive and can't trick people with extra charges. It even lets states make their own stronger rules if they want, and helps them work with national rules to keep people safe.