Bills · S 3793
IN COMMITTEE· 119TH CONGRESS
Senate BillS 3793Finance and Financial Sector
Predatory Lending Elimination Act
INTRO FEB 5· LAST ACTION FEB 5
READING
6MIN
COSPONSORS
15
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill addresses a widespread issue where many Americans, particularly those with lower incomes or limited credit histories, can get trapped in debt by loans with extremely high interest rates, sometimes exceeding 300% or even 600% APR. If passed, it would essentially create a national cap on interest rates and fees for most consumer loans, making credit more affordable and preventing predatory practices that strip wealth from vulnerable communities.
If this bill becomes law, millions of Americans could save substantial amounts of money by avoiding crippling interest payments, leading to greater financial stability and reducing the burden of debt. It would also likely reduce the number of consumers forced into bankruptcy or facing collection actions due to unsustainable loan terms. If it doesn't pass, the current situation would continue, leaving many consumers exposed to high-cost lending products that can make financial hardship worse.
KEY PROVISIONS
5AI-extractedPROVISION 01
Extends the consumer credit protections of the Military Lending Act (MLA) to all consumers nationwide.
This creates a universal standard for loan affordability and fairness, protecting all Americans from predatory lending practices currently restricted only for military personnel.
PROVISION 02
Imposes a general cap on interest rates and prohibits certain unfair loan terms for most consumer credit products, similar to the 36% APR limit under the MLA.
This directly targets high-cost, short-term loans that often lead to debt spirals for vulnerable borrowers.
PROVISION 03
Excludes specific types of loans from these new protections, including residential mortgages, car loans used to purchase a car and secured by it, and loans from federal credit unions.
These exemptions ensure that established, regulated forms of credit are not unintentionally disrupted while focusing on the most problematic lending areas.
PROVISION 04
Directs the Consumer Financial Protection Bureau (CFPB) to create and enforce rules for this law within one year, ensuring they are consistent with or stronger than existing military protections.
The CFPB's role is crucial for implementing and overseeing the new regulations, providing clear guidelines for lenders and consumers.
PROVISION 05
Allows state attorneys general and regulators to take legal action against lenders who violate these new protections.
This empowers states to help enforce the law locally and ensure consumer protection.
SPONSORSHIP
1 + 15
D· Rhode Island
YRS IN OFFICE
35
BILLS LED
44
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 15 REP 0 IND 0
ACTION TIMELINE
2 EVENTSFEB 5
Introduced in Senate
FEB 5
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S511-512)
BILL INFO
TypeSenate Bill
NumberS 3793
Congress119th
StatusIn Committee
IntroducedFeb 5, 2026
Last actionFeb 5, 2026
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IN COMMITTEE· 119TH CONGRESS · BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE · INTRODUCED FEB 5, 2026
Senate BillS 3793Finance and Financial Sector
Predatory Lending Elimination Act
INTRODUCED FEB 5, 2026· LAST ACTION FEB 5, 2026
PASSAGE CHANCES
—%
READING
6 min
COSPONSORS
15
COMPLEXITY
Moderate
