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Military Lending Act Changes Target More Responsibilities to Financial Institutions

The Military Lending Act (MLA) has been law since 2006, and provides specific protections for active duty service members and their dependents in consumer credit transactions.  Recently the US Department of Defense (DOD) has issued a final rule amending the regulation which becomes effective on October 3, 2016.   The changes to the Military Lending […]

SIR To Provide “Covered Borrower Status” For Military Lending Act Compliance

The US Department of Defense has issued a final rule to amend the Military Lending Act (MLA).   The changes included in the amendment are to become effective on October 3, 2016.  Among other changes, the final rule calls for the responsibility of identifying active military service members or their dependents to be moved from that […]