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10/21- VA Accredited Attorney Talks About the Military Lending Act, and How It Can Apply to You
Manage episode 345734800 series 3395044
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Protecting Military Families
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The Military Lending Act (MLA) provides special financial consumer protection for active duty servicemembers, and their dependents and families. The MLA is a Federal law that protects servicemembers and military families from predatory lending practices regarding interest rates, loans, fees, disclosures, allotments, and other requirements that a lender may set forth as terms of a consumer loan. As an active duty servicemember or military family member, it is important to understand what your rights are in relation to the MLA, including what types of loans are covered by the MLA, what types of companies violate the MLA, and what actions you can take to fight a predatory military loan.
36% cap on interest rates. A consumer credit provider cannot charge more than a
36% Military Annual Percentage Rate (MAPR). This includes costs such as:
Finance charges
Credit insurance premiums
Add-on credit-related products sold in connection with the credit
Fees such as application fees and fees for debt cancellation contracts (some exceptions)
No mandatory waiver of certain legal rights. A credit provider cannot require you to submit to mandatory arbitration or give up certain rights that protect you under Federal or State law such as the Servicemembers Civil Relief Act.
No mandatory allotments. A consumer credit provider cannot require you to create a military allotment as a term of receiving a loan.
No prepayment penalty. A consumer credit provider cannot charge a servicemember a penalty for making an early payment for all or part of a loan.
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