Obama Unveils New
Military Lending Rules
President Barack Obama on July 21 discussed how the Department of Defense is expanding a law that helps protect active-duty personnel from predatory lending. Congress in 2006 passed the Military Lending Act, which limits rates to 36 percent and applies other protections to payday loans. The new rules expand the type of loans covered by the law as well as certain types of credit cards. They also eliminate charges for most "add-on" products, like credit default insurance, in calculating the military annual percentage rate. All loans subject to the rule would be capped at 36 percent for military members and their families. The rules take effect on Oct. 1, 2015.
From "Obama Unveils New Military Lending Rules"
The Hill (07/21/15) Matishak, Martin
President Barack Obama on July 21 discussed how the Department of Defense is expanding a law that helps protect active-duty personnel from predatory lending. Congress in 2006 passed the Military Lending Act, which limits rates to 36 percent and applies other protections to payday loans. The new rules expand the type of loans covered by the law as well as certain types of credit cards. They also eliminate charges for most "add-on" products, like credit default insurance, in calculating the military annual percentage rate. All loans subject to the rule would be capped at 36 percent for military members and their families. The rules take effect on Oct. 1, 2015.
From "Obama Unveils New Military Lending Rules"
The Hill (07/21/15) Matishak, Martin
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