MLA is a program that provides lending protection for service members and their family.
The Department of Defense (DOD) issued a final rule amending the regulations of the Military Lending Act (MLA) of 2006. The final rule expands specific protections provided to service members and their dependents under the MLA and addresses a wider range of credit products than the DOD’s previous regulation. FDIC-supervised institutions and other creditors must comply with the rule for new covered transactions beginning October 3, 2016.
For more information on MLA and the ammendment to the regulations of the Military Lending Act of 2006 visit our Blog.
Most conventional auto dealers will not be directly impacted by the MLA requirements. BHPH dealers, auto re-finance lenders/brokers, and other types of businesses may be affected. Please visit here to learn if the MLA applies to you.
Please contact your legal or advisory counsel for more information.