Military Lending Act
Course Number: ABA
Course Code: ABA
Covers the U.S. Department of Defense (DoD) Military Lending Act (MLA). Explains how the regulation imposes strict requirements on covered loans made to military personnel and their families. Discusses the expanded coverage of the MLA, its numerous restrictions and requirements, determination of military status, and the penalties for noncompliance.
After completing this course, students will be able to:
-Explain the background and purpose of the MLA rule
-Define key terminology in the MLA rule
-Identify a covered borrower
-Explain prohibited terms in covered loans made to military personnel and their spouses
-Identify the disclosures covered borrowers must receive under the MLA
-Identify the penalties for non-compliance
Audience: Any staff that takes consumer loan applications and consumer lending staff including underwriters.