This bill extends existing consumer credit protections currently available only to active-duty military members and their families to all American consumers. Specifically, it amends the Truth in Lending Act to apply the interest rate caps and lending restrictions from the Military Lending Act to the general public, with certain exceptions for residential mortgages, auto loans, and federal credit union loans. The bill prohibits predatory lending practices like excessive fees and credit-related add-ons, and requires the Consumer Financial Protection Bureau to issue regulations within one year of enactment to enforce these protections, with the new rules taking effect no later than 18 months after the law's passage. State attorneys general and regulators would also have authority to enforce the law and pursue violations. The legislation aims to protect all borrowers from the same predatory lending tactics that federal law has long prohibited for military personnel.
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