Prohibit Predatory Lending Act

[AI summary unavailable — showing source text] Prohibit Predatory Lending Act - Amends the Truth in Lending Act in connection with consumer credit cost disclosure to redefine: (1) the formula used to adjust certain percentage points in connection with a consumer credit transaction secured by the consumer's principal dwelling; and (2) related points and fees. Sets forth a formula to calculate: (1) points and fees for open-end loans; and (2) bona fide discount points and prepayment penalties. Revises requirements for: (1) prepayment penalties; (2) balloon payments; and (3) extension of credit without regard to consumer's payment ability. Prohibits in connection with high-cost mortgages: (1) a creditor from recommending a default on an existing debt prior to and in connection with the closing of a high-cost mortgage that refinances all or any portion of such existing loan or debt; (2) specified late fees; (3) certain accelerations of debt; (4) certain evasions, structuring of transactions, and reciprocal arrangements; (5) certain modification and deferral fees; and (6) mandatory arbitration or other nonjudicial procedures. Mandates pre-loan counseling as a prerequisite for a high-loan mortgage. Revises guidelines governing credito…