The New Military Lending Act Regulations
A NorthLegal Webinar Presented August 30, 2016
Duration: Approximately 1:30 hr:min
Cost/Registration | How
to Attend a Webinar
After enrolling, click here to obtain the handout materials in PDF. Then contact NorthLegal (623.537.7150) to obtain the password you will need to open those materials.
Compliance with the amended Military Lending Act regulations becomes mandatory on October 3. Are you ready?
The Military Lending Act ("MLA") was enacted to protect members of the military and some of their dependents from predatory lending. The new regulations do that by:
• limiting the interest rate that may be charged (and by telling lenders how to compute that rate),
• prohibiting contracts from including certain provisions, and
• requiring lenders to make certain disclosures.
Lenders have a duty to take affirmative steps to find out which borrowers are covered; they may not wait for borrowers to tell them.
Penalties for noncompliance with the new regulations can be serious, and include invalidating the loan in its entirety and/or punitive damages.
During this program, attorney Eric North talks with participants about—
• | Various ways you can determine which credit applicants are covered by the MLA regulations—even those covered because they are "dependents" of someone serving in the military. |
• | Which credit products are covered by the MLA regulations. (After October 3 the list will be much longer than it is now.) |
• | What happens when a borrower who was not covered begins service, or when a covered borrower leaves service. |
• | How to calculate the "military annual percentage rate." |
• | What written disclosures are required by the new MLA regulations. |
• | What oral disclosures are required, and how to give them. |
• | What exceptions apply. |
For more information, contact NorthLegal at 623.537.7150. Click here to register using a credit card.
NOTE: This program is intended for employees of consumer lending
institutions. Please contact NorthLegal Training and Publications to obtain approval
before registering if you are not an employee of a consumer lending institution.
Cost/Registration
The fee to attend this archived program is $160.00 if paid by credit card or $170.00 if paid by check. For that fee, you or someone from your financial
institution may view this program as often as you like for a period of 180 days. (NOTE: If your financial institution registered for the live program, you already have free access to the archvied version for 180 days! Contact NorthLegal for information.)
How to Attend a Prerecorded Webinar
To attend this NorthLegal Webinar, please do the following:
• | Register. To register online using a credit card, visit the "Enroll Now" link shown in the box at the top of this page. To register by mail, call NorthLegal at 623.537.7150. |
• | Check your email. Within moments after you complete the registration process you should receive two emails. One will be a receipt for the transaction and the other will contain a link and detailed instructions explaining how to use that link to attend the program. |
• | Download the handout materials by clicking the "Handout" link shown above. |
• | Call NorthLegal to obtain the password to open the handout materials. |
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» 2016 NorthLegal Conferences