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ARTICLE · 29 SEPTEMBER 2016

New Military Lending Act Regulations Effective October 3, 2016

Mayer Brown
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New regulations under the federal Military Lending Act that become effective next week will prohibit consumer loans to covered US Service members if those loans have a "military annual percentage rate" greater than 36 percent.

United StatesFinance and Banking
Debra Bogo-Ernst
Debra Bogo-Ernst
Kristie D. Kully
Kristie D. Kully
Christopher Ferro
Christopher Ferro
Joy Tsai
Joy Tsai
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New regulations under the federal Military Lending Act ("MLA") that become effective next week will prohibit consumer loans to covered US Service members if those loans have a "military annual percentage rate" ("MAPR") greater than 36 percent. The Defense Department's regulations will impose that MAPR limit on additional types of consumer credit transactions (beyond just payday, vehicle title, and tax refund anticipation loans) to active duty members of the armed forces and their spouses/dependents. The regulations will also change how a lender may determine whether applicants are "covered borrowers" and modify the disclosures required for those borrowers.

The MLA's enforcement provisions include criminal and civil liability for noncompliance and provide for a private right of action.

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