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.
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Why Lorman?
Over 37 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 37 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 August 27, 2021.
Call 1-866-352-9540 for further credit information.
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- 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.
- 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.
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 37 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 37 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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