DOD limits terms of consumer credit for service members

WASHINGTON, D.C. — The U.S. Department of Defense announced on Dec. 14 that an interpretive rule amendment under the Military Lending Act was published in the Federal Register. The act provides improved protection from predatory credit practices for service members by expanding financial protections. The MLA, as implemented by the DOD, limits the military annual percentage rate that a creditor may charge to a maximum of 36%, requires specific disclosures and provides additional substantive consumer protections on “consumer credit” extended to service members and their families . . .

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