Predatory Lending Elimination Act

This bill amends the Truth in Lending Act to extend the consumer credit protections currently provided to members of the Armed Forces and their dependents under the Military Lending Act to all consumers. Sec. 2, Limitations on consumer credit and maximum rates of interest: This section adds a new section 140B to the Truth in Lending Act. It applies the Military Lending Act's interest rate and credit protections to all consumer credit, with exceptions for residential mortgages, car loans used to finance the purchase and secured by the car, and loans from federal credit unions subject to their existing interest rate limit. The Bureau of Consumer Financial Protection cannot exempt creditors from this section. For open-end credit plans, the annual percentage rate is calculated using rules from the Secretary of Defense, with a special exception for credit card accounts where certain bona fide fees are not included in the finance charge, except for credit insurance, debt cancellation, or ancillary product fees. This section does not preempt stronger state consumer protections. Violations are subject to the same penalties and remedies as under the Military Lending Act. State attorneys general and state regulators can bring civil actions to enforce this section within three years of a violation, following notice and procedural rules from the Consumer Financial Protection Act. The Bureau, in consultation with the Secretary of Defense, must issue rules within one year of enactment, consistent with the Military Lending Act rules, and notify Congress and the public. The amendments apply to credit extended after the earlier of the Bureau's compliance date or 18 months after enactment.