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Understanding Requirements Under the Military Lending Act

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.

90 minutes
Course Exam
Certificate of Completion
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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

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • HI CLE 1.5
     
  • NJ CLE 1.8
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on August 27, 2021.

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

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • 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 Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. 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.
     
  • ND CLE 1.5
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand 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 self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 6 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WI CLE 1.5
     
  • This program qualifies for 1.5 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

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

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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

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.

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Product ID: 408948
Published 2021
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