Common use of Military Lending Act Clause in Contracts

Military Lending Act. The Military Lending Act provides protections for certain members of the Armed Forces and their dependents (“Covered Borrowers”). The provisions of this section apply to Covered Borrowers. 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: (a) the costs associated with credit insurance premiums; (b) fees for ancillary products sold in connection with the credit transaction; (c) any application fee charged (other than certain application fees for specified credit transactions or accounts); and (d) any participation fee charged (other than certain participation fees for a credit card account). Before signing this Agreement, in order to hear important disclosures and payment information about this Agreement, you may call 0-000-000-0000.

Military Lending Act. The Military Lending Act provides protections for certain members of the Armed Forces and their dependents (“"Covered Borrowers”"). The provisions of this section apply to Covered Borrowers. 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 Annual Percentage Rate of 36%. This rate must include, as applicable to the credit transaction or account: (a1) the costs associated with credit insurance premiums; (b2) fees for ancillary products sold in connection with the credit transaction; (c3) any application fee charged (other than certain application fees for specified credit transactions or accounts); and (d4) any participation fee charged (other than certain participation fees for a credit card account). Before signing this AgreementNote, in order to hear important disclosures and payment information about this AgreementNote, you may call 0-000-000-0000. The Arbitration Clause set forth in this Contract does not apply to Covered Borrowers.