Common use of Members of the Armed Forces and Their Dependents Clause in Contracts

Members of the Armed Forces and Their Dependents. 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 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). Please call 0-000-000-0000 to have this Disclosure provided to you orally. Arbitration provisions described in Paragraph 24 below do not apply to members of the Armed Forces and their dependents. Members of the Armed Forced and their dependents are not required to submit to arbitration or to waive any right to legal recourse under any State or Federal law.