,,ii #aahth ,,congress #ast ,session ,s4 #cedi ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #ad1 #bjbc,mr4 ,reed 7for himself1 ,mr4 ,merkley1 ,mr4 ,brown1 ,ms4 ,smith1 ,mr4 ,blumenthal1 ,ms4 ,stabenow1 ,mr4 ,warnock1 ,mr4 ,whitehouse1 ,mr4 ,schatz1 ,mr4 ,wyden1 ,mr4 ,booker1 ,mr4 ,lujn1 ,mr4 ,fetterman1 ,mr4 ,welch1 ,mr4 ,padilla1 and ,ms4 ,butler7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,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 #aj1 ,united ,states ,code1 to all consumers4 #a4 ,short title ,this ,act may be cited as the ,predatory ,lending ,elimination ,act4 #b4 ,limitations on consumer credit and maximum rates of interest 7a7 ,in general ,chapter #b of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afca et seq47 is amended by adding at the end the following3 #adj;,b4 ,limitations on consumer credit and maximum rates of interest 7a7 ,application of the ,military ,lending ,act 7#a7 ,in general ,except as provided in paragraph 7#b71 section #ihg7;b7 of title #aj1 ,united ,states ,code1 shall apply to a creditor who extends consumer credit to a consumer to the same extent as that section applies to a creditor who extends consumer credit to a covered member or a dependent1 as those terms are defined in such section #ihg4 7#b7 ,exceptions ,paragraph 7#a7 shall not apply to-- 7,a7 a residential mortgage2 7,b7 a loan procured in the course of purchasing a car if the loan is offered-- 7i7 for the express purpose of financing the purchase2 and 7ii7 is secured by the car2 or 7,c7 a loan made by a ,federal credit union1 as defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb71 subject to the rate of interest limit provided under section #ajg7e77;,a77vi7 of that ,act1 as implemented by the ,national ,credit ,union ,administration ,board4 7b7 ,no exemptions permitted ,the exemption authority of the ,bureau under section #aje7;f7 shall not apply with respect to this section4 7c7 ,calculation of the annual percentage rate for open-,end credit 7#a7 ,in general ,for purposes of this section1 the annual percentage rate applicable to an open-end credit plan shall be calculated under section #ajg7;a77#b71 subject to adjustments to the amount considered a finance charge1 as provided in the rules issued by the ,secretary of ,defense on ,july #bb1 #bjae1 to carry out section #ihg of title #aj1 ,united ,states ,code4 7#b7 ,exception to finance charge calculation 7,a7 ,in general ,notwithstanding paragraph 7#a71 for consumer credit extended in a credit card account under an open-end 7not home-secured7 consumer credit plan1 a bona fide fee other than a periodic rate is not a charge required to be included in the finance charge for purposes of this section if the fee is assessed in compliance with section #abg7n74 7,b7 ,limitation ,subparagraph 7,a7 shall not apply to-- 7i7 any credit insurance premium or fee1 including any charge for single premium credit insurance1 any fee for a debt cancellation contract1 or any fee for a debt suspension agreement2 or 7ii7 any fee for a credit-related ancillary product sold in connection with the credit card account under an open-end 7not home-secured7 consumer credit plan4 7d7 ,relation to ,state law ,nothing in this section may be construed to preempt any provision of ,state law that provides greater protection to consumers than is provided under this section4 7e7 ,penalties and remedies ,section #ihg7;f7 of title #aj1 ,united ,states ,code1 shall apply to a creditor who extends consumer credit to a consumer in violation of this section to the same extent as such section #ihg7;f7 applies to a creditor who extends consumer credit to a covered member or a dependent1 as those terms are defined in such section #ihg4 7f7 ,preservation of ,state enforcement 7#a7 ,state attorneys general ,not later than #c years after the date on which a violation of this section occurs1 the attorney general of a ,state 7or an equivalent official7 may bring a civil action in the name of that ,state-- 7,a7 in any district court of the ,united ,states that is located in that ,state or in a ,state court that is located in that ,state and that has jurisdiction over the defendant2 and 7,b7 to-- 7i7 enforce provisions of this section or rules issued under this section2 and 7ii7 secure remedies under provisions of this section or remedies otherwise provided under other law4 7#b7 ,state regulators ,not later than #c years after the date on which a violation of this section occurs1 a ,state regulator may bring a civil action or initiate another appropriate proceeding to-- 7,a7 enforce the provisions of this section or regulations issued under this section with respect to any entity that is1 or is required to be1 ,state-chartered1 incorporated1 licensed1 or otherwise authorized to do business under ,state law2 and 7,b7 secure remedies under provisions of this section or remedies otherwise provided under other provisions of law with respect to an entity described in subparagraph 7,a74 7#c7 ,notice requirement2 additional regulations ,subsections 7b71 7c71 and 7d7 of section #ajdb of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeeb71 shall apply to a civil action or other appropriate proceeding brought or initiated under paragraph 7#a7 or 7#b7 to the same extent as those subsections apply to actions and other administrative and regulatory proceedings described in subsection 7a7 of that section4 7g7 ,regulations 7#a7 ,in general ,notwithstanding section #ajbg7o7 of the ,consumer ,financial ,protection ,act 7#ab ,u4,s4,c4 #eeag7o771 not later than #a year after the date of enactment of this section1 the ,bureau1 in consultation with the ,secretary of ,defense1 shall-- 7,a7 issue rules carrying out this section2 and 7,b7 notify ,congress and the public1 including on the website of the ,bureau1 regarding the issuance of the rules required under subparagraph 7,a74 7#b7 ,consistency ,the rules issued by the ,bureau under paragraph 7#a7-- 7,a7 shall be consistent with rules issued by the ,secretary of ,defense to carry out section #ihg of title #aj1 ,united ,states ,code2 and 7,b7 may not provide lesser protection to consumers than the protection afforded covered members1 as defined in section #ihg of title #aj1 ,united ,states ,code1 in applicable provisions in the rules issued by the ,secretary of ,defense on ,july #bb1 #bjae1 to carry out that section4 4 7b7 ,technical and conforming amendment ,the table of contents for chapter #b of the ,truth in ,lending ,act is amended by adding at the end the following3 #adj;,b4 ,limitations on consumer credit and maximum rates of interest4 4 7c7 ,applicability ,the amendments made by subsection 7a7 shall apply to an extension of credit made after the earlier of-- 7#a7 the date on which the rules issued by the ,bureau of ,consumer ,financial ,protection under subsection 7g7 of section #adj;,b of the ,truth in ,lending ,act1 as added by subsection 7a7 of this section1 require compliance2 and 7#b7 the date that is #ah months after the date of enactment of this ,act4