1. Short title This Act may be cited as the Predatory Lending Elimination Act . 2. Limitations on consumer credit and maximum rates of interest (a) In general Chapter 2 of the Truth in Lending Act ( 15 U.S.C. 1631 et seq. ) is amended by adding at the end the following: 140B. Limitations on consumer credit and maximum rates of interest (a) Application of the Military Lending Act (1) In general Except as provided in paragraph (2), section 987(b) of title 10, United States Code, shall apply to a creditor who extends consumer credit to a consumer to the same extent as that section applies to a creditor who extends consumer credit to a covered member or a dependent, as those terms are defined in such section 987. (2) Exceptions Paragraph (1) shall not apply to— (A) a residential mortgage; (B) a loan procured in the course of purchasing a car if the loan is offered— (i) for the express purpose of financing the purchase; and (ii) is secured by the car