Military Lending Act covers the U.S. Department of Defense (DoD) Military Lending Act (MLA). It explains how the regulation imposes strict requirements on covered loans made to military personnel and their families. Also discussed is the expanded coverage of the MLA, its numerous restrictions and requirements, determination of military status, and the penalties for noncompliance.
The learning objectives for Military Lending Act are as follows:
• Explain the background and purpose of the MLA rule
• Define key terminology in the MLA rule
• Identify a covered borrower
• Explain prohibited terms in covered loans made to military personnel and their spouses and dependents
• Identify the disclosures covered borrowers must receive under the MLA
• Identify the penalties for non-compliance