Common use of Military Lending Act Clause in Contracts

Military Lending Act. Covered Borrowers: The Military Lending Act provides protections for certain members of the Armed Forces and their dependents (“Covered Borrowers”). The provisions of this section apply only if you are a Covered Borrower at the date of your Account opening. If you are a Covered Borrower, you may call 000-000-0000 to hear payment and other important information about the Military Lending Act and your Account. Statement of Military Annual Percentage Rate (“MAPR”): 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%. 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 application 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).

Military Lending Act. Covered Borrowers: The Military Lending Act provides protections for certain members of the Armed Forces and their dependents (“Covered Borrowers”). The provisions of this section apply only if to Covered Borrowers under the Military Lending Act. If you would like more information about whether you are a Covered Borrower and whether this section applies to you, please contact us at the date of your Account opening. If you are a Covered Borrower, you may call 000-000-0000 to hear payment and other important information about the Military Lending Act and your Account0000. Statement of Military Annual Percentage Rate (“MAPR”): . 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%. This rate must include, as applicable to the credit transaction or account: (1) the costs associated with credit insurance premiums; (2) fees for ancillary products sold in connection with the credit transaction; (3) any application fee charged (other than certain application fees for specified credit transactions or accounts); and (4) any participation fee charged (other than certain participation fees for a credit card account). Oral Disclosures. In order to hear important Military Lending Act disclosures and payment information provided in this Agreement, please call 000-000-0000.

Military Lending Act. Covered Borrowers: The Military Lending Act provides protections for certain members of the Armed Forces and their dependents (“Covered Borrowers”)) for new credit card accounts opened on or after October 3, 2017. The provisions of this section apply only if to Covered Borrowers who open their Accounts after that date. If you would like more information about whether you are a Covered Borrower and whether this paragraph applies to you, please contact us at the date of your Account opening. If you are a Covered Borrower, you may call 000-000-0000 to hear payment and other important information about the Military Lending Act and your Account(888) 000- 0000. Statement of Military Annual Percentage Rate (“MAPR”): : 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 dependents may not exceed an Annual Percentage Rate of 36%. This rate must include, as applicable to the credit transaction or account: (1) the costs associated with credit insurance premiums; (2) fees for ancillary products sold in connection with the credit transaction; (3) any application fee charged (other than certain application fees for specified credit transactions or accounts); and (4) any participation fee charged (other than certain participation fees for a credit card account).