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90-minute live streaming program
  • August 27
  • 1:00 - 2:30 pm EST

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OnDemand Course

Understanding Requirements Under the Military Lending Act

August 27

Get an overview of the Military Lending Act and make sure you are compliant.

In July 2020, the Department of Defense issued a Final Rule updating regulations implementing the Military Lending Act (MLA). These changes drastically expanded the scope of MLA coverage, now applying its restrictions to most types of ‘credit’ transactions covered by the Truth in Lending Act. These new rules apply generally to lenders extending consumer credit to active-duty service members, their family members, or dependents. The new rules provide safe harbor methods for identifying borrowers covered by the MLA, bans the use of certain practices, and changes the language of required disclosures. The new rules also contain important provisions about administrative enforcement, penalties, and remedies.

Learning Objectives

  • You will be able to describe the basic legal regime created by the Military Lending Act.
  • You will be able to define which borrowers are ‘covered borrowers’ under the MLA.
  • You will be able to explain how to calculate a Military Annual Percentage Rate for various types of credit.
  • You will be able to discuss how the various DOD-mandated disclosures must be delivered.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Changes in Scope of Coverage
Determining If a Borrower Is a Covered Person Subject to the MLA; Obligation to Re-Verify
Understanding the Military Annual Percentage Rate (MAPR)
The 36% MAPR Cap
  • Calculating MAPR for Closed-End Credit
  • Calculating MAPR for Open-End Credit
The MAPR Disclosure Language
MAPR Disclosures and the Method of Delivery
Restrictions on the Content of Loan Agreements
  • Legal Recourse, Class Action, and Jury Trial Waivers
  • SCRA Protections
  • Arbitration Provisions
  • Mandatory Use of Allotments
  • Prepayment Penalties
  • Higher-Interest Loan Restrictions
New Administrative Rights and Enforcement
CFPB Interest in MLA Violations
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on December 17, 2018.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 5.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • CPE 1.8 including Specialized Knowledge 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     

Who should attend?

This live webinar is designed for attorneys, presidents, vice presidents, branch managers, loan officers, loan department personnel, credit and collection managers, controllers, directors, accountants, and real estate professionals.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Dowse B. (Brad) Rustin, IV

Nelson Mullins Riley & Scarborough LLP

  • Chair, Financial Services Regulatory Practice, Nelson Mullins Riley & Scarborough LLP
  • Works with financial institutions, state-licensed lenders, money transmitters, non-traditional lenders, check cashers, and mortgage brokers on issues of regulatory compliance
  • As the regulatory environment facing financial institutions has changed and increased in complexity, he now spends most of his time counseling financial institutions in regulatory matters, including strategic agreements, product development, and operational compliance
  • Speaks regularly in both legal and industry groups on matters of financial regulation and regulatory compliance
  • Regularly publishes articles, speaks on topics, and provides insight on matters of financial regulatory compliance (list available at https://www.nelsonmullins.com/people/dowse-rustin)
  • Certified by the American Bankers Association as a Certified Regulatory Compliance Manager (CRCM)
  • Certified by the Association of Certified Anti-Money Laundering Specialists (ACAMS) as a Certified Anti-Money Laundering Specialist
  • Recognized by the Financial Times in its annual Innovative Lawyers Survey for 'Creating a New Standard (2019)'
  • J.D. degree, magna cum laude, University of South Carolina
  • Can be contacted at 202-689-2320 (DC), 864-373-2320 (GVL), or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 408948
Published 2018, 2021
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