MLA - Military Lending Act Flashcards

1
Q

What does MLA cover?

A

Consumer credit made to active duty military personnel and their dependents.

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2
Q

Does MLA cover non-Reg Z loans?

A

No, it only covers loans subject to Reg Z.

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3
Q

What types of loans does MLA exclude?

A

Loans for residential mortgages and purchase money credit for (and secured by) personal property such as vehicle purchase loans.

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4
Q

What does MAPR include?

A

It’s all inclusive, and includes all fees and charges.

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5
Q

What is the MAPR limit for MLA?

A

36% cap

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6
Q

What 2 disclosures are required under MLA?

A

“clear description of the payment obligation” - payment schedule and the required statement.

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7
Q

Can you renew, refi or consolidate a loan subject to MLA?

A

Not unless it has more favorable terms to the borrower,r like a lower MAPR.

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8
Q

Under MLA, what provisions and penalties are prohibited?

A

Prepayment provisions or penalties

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