Do You Know Which CU Loans Are Now Covered Under the Military Lending Act?

Recent revisions to the Military Lending Act expanded coverage of the Act from just payday loans, auto title loans and tax refund anticipation loans to a much broader array of loan products. The new rule, which is effective October 1, 2015 (compliance is voluntary until 10/02/2016 with the exception of credit cards which require mandatory compliance by 10/03/2017) will cover all credit approved for personal, family and household purposes that is either subject to a finance charge or payable by written agreement in four or more installments. Residential mortgages and loans extended for the purchase of and secured by personal property (such as vehicle purchase loans) are exempt. [9/18/15]