Common use of Military Lending Act Disclosures Clause in Contracts

Military Lending Act Disclosures. If you are a “covered borrower” as defined in the Military Lending Act and applicable regulations, the following disclosure applies to you: Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any applica- tion fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account). Please call us at 0.000.000.0000 to receive disclosures concerning your payment obligations under this Agreement. CROSS-COLLATERAL: If you have other loans with us, or take out other loans with us in the future, collateral securing those loans (other than household goods or any dwelling) will also secure your obligations under this Agreement if those other Agreements indicate that they may secure other obligations you may have with us.