Extends military-level credit protections to all consumers, limiting high interest rates and fees on many loans.
This bill would extend strong consumer credit protections, currently only for military members, to all Americans. It would set limits on interest rates and certain fees for many types of loans. This aims to protect everyday people from predatory lending practices.
Today, only members of the Armed Forces and their dependents receive specific consumer credit protections. These include limits on interest rates and certain fees under the Military Lending Act. The Bureau of Consumer Financial Protection can grant exemptions to some credit rules. If this bill becomes law, these same strong protections would apply to all consumers, limiting interest rates and fees on most loans. Residential mortgages, certain car loans, and Federal credit union loans would be exceptions. The Bureau of Consumer Financial Protection would no longer be able to grant exemptions for these new protections. Instead, it would be required to issue new rules within one year.
S 3793 · 119th Congress · AI Summary by gemini-2.5-flash · 10/10
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7 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.