Description
30min | Credits: 0.75 CRCM
Describes key provisions of the Military Lending Act including who is covered, the types of consumer credit covered, the act’s protections, including a cap on the cost of covered credit, and the main distinctions from the Servicemembers Civil Relief Act.
Audience: Consumer lenders including underwriters.
Learning Objectives
After completing this course, students will be able to:
- Describe the types of consumer credit the MLA regulation covers
- Explain who is covered and the terms prohibited in covered loans
- Describe the disclosures that covered borrowers must receive
- Explain the major differences between the MLA and the Servicemembers Civil Relief Act (SCRA)
This course is part of the ABA Frontline Compliance program.