This bill, known as the Predatory Lending Elimination Act, seeks to significantly expand consumer credit protections by amending the Truth in Lending Act. Its primary goal is to apply the robust safeguards currently afforded to members of the Armed Forces and their dependents under the Military Lending Act (MLA) to all consumers nationwide. This means that the limitations on consumer credit and maximum interest rates, previously exclusive to military families, would become universal. The legislation specifies that certain types of loans would be exempt from these new protections, including residential mortgages , loans for purchasing a car that are secured by the vehicle, and loans made by Federal credit unions already subject to specific rate limits. Importantly, the bill prevents the Bureau of Consumer Financial Protection (CFPB) from issuing exemptions to these new rules, ensuring broad application. It also clarifies how the annual percentage rate (APR) for open-end credit plans will be calculated, aligning it with existing Department of Defense rules for the MLA, with specific considerations for credit card fees. Furthermore, the bill ensures that state laws offering greater consumer protection are not preempted, allowing for stronger local oversight. It empowers state attorneys general and regulators to enforce these new provisions and secure remedies for violations, mirroring the enforcement mechanisms available under the MLA. The CFPB is mandated to issue implementing regulations within one year, which must be consistent with and provide no less protection than the existing MLA rules.