Military Lending Act. 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 or debt protection fees; 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). To receive this notice verbally, please call 000-000-0000 24 hours a day, 7 days a week. Certain contractual provisions, as more fully set forth in 32 C.F.R. Section 232.8, are not permitted in loan agreements with borrowers covered by the Military Lending Act (MLA). To the extent that any of those provisions are contained in these disclosures, they shall be inapplicable to covered borrowers under the MLA.
Appears in 7 contracts
Samples: Statement and Agreement, Statement and Agreement, Statement and Agreement
