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Military Lending Act back into the fundamentals
Overview of the way the MLA Final Rule expands the lawвЂ™s conditions.
The amended MLA Final Rule, issued in 2015, applies to all consumer credit thatвЂ™s subject to a finance charge or is payable by a written agreement in more than four installments while the initial Military Lending Act (MLA) applied only to payday loans, vehicle title loans, and tax refund anticipation loans.
Samples of closed-end loans which may be included in the guideline include:
Types of open-end loans the guideline may cover add overdraft credit lines […]
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