Predatory Lending Elimination Act

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)).

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)).

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)).

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)).

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)).

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)).