S3793Referred to Committee

Predatory Lending Elimination Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2026-02-05
Introduced
15
Cosponsors
S
ⓘ
Type

Sponsor

Jack Reed
Jack Reed
Democrat · RI · Senator
Votes with party: 82.1% (907 recorded votes)

Full profile: /officials/R000122

Source: Congress.gov · FEC

Cosponsors (15)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S511-512)

2026-02-05

Source: Congress.gov

Plain-English Summary

This bill would establish stricter rules to prevent lenders from offering loans with unfair terms that trap borrowers in cycles of debt, such as extremely high interest rates or hidden fees. The legislation would likely affect payday lenders, title loan companies, and other financial institutions that currently operate with minimal restrictions, while protecting consumers—especially lower-income individuals—from predatory lending practices. The bill is currently under review by the Senate Banking Committee.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Affected Industries

Industries and interest groups with a stake in how this bill is resolved. Compare with each member's outside-money backers on their finance page.

Finance & Banking

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Subjects

Finance and Financial Sector
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Related legislation

Bills by the same sponsor or covering overlapping subjects.