MLA - Military Lending Act Flashcards
What does MLA cover?
Consumer credit made to active duty military personnel and their dependents.
Does MLA cover non-Reg Z loans?
No, it only covers loans subject to Reg Z.
What types of loans does MLA exclude?
Loans for residential mortgages and purchase money credit for (and secured by) personal property such as vehicle purchase loans.
What does MAPR include?
It’s all inclusive, and includes all fees and charges.
What is the MAPR limit for MLA?
36% cap
What 2 disclosures are required under MLA?
“clear description of the payment obligation” - payment schedule and the required statement.
Can you renew, refi or consolidate a loan subject to MLA?
Not unless it has more favorable terms to the borrower,r like a lower MAPR.
Under MLA, what provisions and penalties are prohibited?
Prepayment provisions or penalties