2015 Military Lending Act (MLA) Final Rule for Service Members – MAPR

Compliance > Lending > Service Members > Military Lending Act
Q:   How does the 2015 MLA rule limit the cost of, or rate that can be charged on, consumer credit?
 
A:   The MLA regulation prohibits a creditor from imposing a Military Annual Percentage Rates (MAPR) greater than 36% in connection with an extension of consumer credit that is closed-end or in any billing cycle for open-end credit.
 

ADDITIONAL INFORMATION:  See details in the Department of Defense’s 2015 Final Rule on “Limitations on Terms of Consumer Credit Extended to Service Members and Dependents,” here:  https://www.federalregister.gov/articles/2015/07/22/2015-17480/limitations-on-terms-of-consumer-credit-extended-to-service-members-and-dependents

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