Predatory Lending Elimination Act
Latest action · Dec 14, 2023 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S5999-6000)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 14, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Predatory Lending Elimination Act
This bill applies certain military consumer credit protections to all consumers. Specifically, the bill caps the interest rate on extensions of consumer credit at 36%.
Cosponsors 17
Members who signed on, in the order they did. Signatures ran from Dec 14, 2023 to Jan 25, 2024; 15 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Alex Padilla | Original | Dec 14, 2023 |
| D-NM | Ben Ray Luján | Original | Dec 14, 2023 |
| D-HI | Brian Schatz | Original | Dec 14, 2023 |
| D-NJ | Cory A. Booker | Original | Dec 14, 2023 |
| D-MI | Debbie Stabenow | Original | Dec 14, 2023 |
| D-OR | Jeff Merkley | Original | Dec 14, 2023 |
| D-PA | John Fetterman | Original | Dec 14, 2023 |
| D-CA | Laphonza R. Butler | Original | Dec 14, 2023 |
| D-VT | Peter Welch | Original | Dec 14, 2023 |
| D-GA | Raphael G. Warnock | Original | Dec 14, 2023 |
| D-CT | Richard Blumenthal | Original | Dec 14, 2023 |
| D-OR | Ron Wyden | Original | Dec 14, 2023 |
| D-RI | Sheldon Whitehouse | Original | Dec 14, 2023 |
| D-OH | Sherrod Brown | Original | Dec 14, 2023 |
| D-MN | Tina Smith | Original | Dec 14, 2023 |
| D-MD | Chris Van Hollen | Jan 16, 2024 | |
| D-NM | Martin Heinrich | Jan 25, 2024 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Dec 14, 2023 |
Actions 2
Everything that happened, newest first.
- Dec 14, 2023Introduced in Senate
- Dec 14, 2023Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S5999-6000)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IF12861 | Interest Rate Caps on Credit Cards: Policy Issues | Resource | Mar 10, 2026 |
| IF12769 | Overview of the Truth in Lending Act | Resource | Sep 19, 2024 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2508 | Veterans and Consumers Fair Credit Act | Reintroduction of | Sep 13, 2022 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Truth in Lending Act to extend the consumer credit protections provided to members of the Armed Forces and their dependents under title 10, United States Code, to all consumers.
- Short Title(s) as Introduced
- Predatory Lending Elimination Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Dec 14, 2023Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
