Predatory Lending Elimination Act

Hozzl · 2024-01-26T18:30:20Z

Explore the details of Senate Bill 3549 Predatory Lending Elimination Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/26/2024, 6:30 PM

Summary of Bill S 3549

Bill 118 s 3549, also known as the Predatory Lending Elimination Act, is a piece of legislation introduced in the US Congress with the aim of addressing the issue of predatory lending practices in the financial industry. The bill seeks to protect consumers from being taken advantage of by lenders who engage in deceptive or unfair practices.

The Predatory Lending Elimination Act includes provisions that would require lenders to disclose all terms and conditions of a loan in a clear and transparent manner, including interest rates, fees, and repayment terms. This is intended to ensure that borrowers fully understand the terms of the loan before agreeing to it.

Additionally, the bill would establish stricter regulations on lenders to prevent them from engaging in practices such as steering borrowers towards high-cost loans, charging excessive fees, or making loans that the borrower cannot afford to repay. These measures are designed to protect vulnerable consumers from falling into a cycle of debt and financial hardship. Overall, the Predatory Lending Elimination Act aims to promote fair and responsible lending practices in the financial industry, and to protect consumers from being exploited by unscrupulous lenders. It is currently being debated in Congress, with supporters arguing that it is necessary to protect consumers and prevent financial harm, while opponents raise concerns about potential impacts on the availability of credit.

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Current Status of Bill S 3549

Bill S 3549 is currently in the status of Bill Introduced since December 14, 2023. Bill S 3549 was introduced during Congress 118 and was introduced to the Senate on December 14, 2023. Bill S 3549's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S5999-6000) as of December 14, 2023

Bipartisan Support of Bill S 3549

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Republican Sponsors

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Total Number of Cosponsors

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Policy Area and Potential Impact of Bill S 3549

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 3549

Predatory Lending Elimination ActPredatory Lending Elimination ActA 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.

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