Military Lending Act (MLA) NCUA Q&A – Closed-End MAPR

Compliance > Lending > Service Members > Military Lending Act
Q:  How do we calculate the MAPR, which is Military APR, for closed-end credit?
 
A:   For closed-end credit, a creditor follows the rules for calculating and disclosing the APR for credit transactions under Reg Z, based on charges required for the MAPR as set forth in 32 CFR 232.4(c)(1).  
 
In general, the requirements for calculating the APR for closed-end credit under Reg Z are found in 12 CFR 1026.22(a)(1).  The explanations and instructions for computing the APR are set forth in Appendix J to Regulation Z.
 
 
 
ADDITIONAL INFORMATION – This Q&A was included in the NCUA’s June 2016 webinar entitled “Preparing to Comply with Regulatory Changes under the Military Lending Act.”  To listen to the audio and view the slides, interested parties may find that information here:  https://event.on24.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=1186523&sessionid=1&key=72023B4705907CDD0D194100B89E5D11&sourcepage=register
 

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