Transcription of What is the Military Lending Act and what are my rights?
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What is the Military Lending Act and what are my rights?
What is the Military Lending Act and what are my rights? No mandatory waivers of certain legal rights. The Military Lending Act (MLA) A creditor can't require you to submit to is a Federal law that provides mandatory arbitration or give up certain rights special protections for active duty you have under State or Federal laws like the Servicemembers Civil Relief Act. servicemembers like capping No mandatory allotments. A creditor can't interest rates on many loan products. require you to create a voluntary Military allotment in order to get the loan. What are my rights under the MLA? No prepayment penalty. A creditor can't charge a penalty if you pay back part or all of the Answer: The MLA applies to active duty loan early.
C onsumer F inancial Pr otection Bur ea u Learn more at consumerfinance.gov 1 of 2 What is the Military Lending Act and what are my rights? The Military Lending Act (MLA) ... M-F, 8 a.m. - 8 p.m. ET (855) 411-CFPB (2372) (855) 729-CFPB (2372) TTY/TDD By mail Consumer Financial Protection Bureau
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