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

Compliance > Lending > Service Members > Military Lending Act
Q:  How do we calculate the MAPR for open-end credit?
 
A:   For open-end credit, a creditor generally must calculate the MAPR using the methods prescribed in Section 1026.14(c) through (d) of Regulation Z, which relates to the effective annual percentage rate per billing cycle.  Please note that for both closed-end and open-end credit, the creditor must remember to include in the MAPR those items listed in the MLA regulation which are excluded from the Regulation Z APR but are not excluded for MAPR purposes.
 
 
 
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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