Military Lending Act

Law:

10 U.S.C. § 987

The Military Lending Act, as amended, imposes a 36% rate cap, bans mandatory arbitration, and imposes other restrictions, and requires disclosures for “consumer credit” (as defined by rule issued by the Department of Defense (DoD)) extended to service members and their dependents. The FTC enforces the Act as to most non-depository institutions, and is part of the interagency group with whom the DoD is required to consult at least every two years.