Military Lending Act

The Military Lending Act was originally enacted in 2006 and is implemented by the Department of Defense. It protects active-duty members of the military, their spouses, and dependents from certain lending practices.

These practices could pose a risk for service members and their families, a threat to military readiness and affect service member retention. This course will provide details on definitions, applicability, procedures and the laws regarding the Military Lending Act.

This course is intended for all lending department personnel and compliance professionals.

Learning Objectives:

• Know which loan applications apply to the MLA
• Determine if your applicant is a covered borrower in the appropriate manner and timing
• Understand and explain the protections the MLS provides to covered borrowers
• Ensure compliance with the laws

Course Outline:

• Introduction
• Covered Loan
• Covered Borrower
• Determining a Covered Borrower
• MAPR
• Disclosure Requirements
• Other Limitations

Rev–Dec. 2020. Course length ≈ 24 minutes. This course is worth 0.5 CPE credits.