MLA Military Lending Act and Payday-Car Title Loans

By | Oct 25, 2017

By: Jer AylesPaydayLoanIndustryBlog.com The MLA Military Lending Act, outlaws implementation of ARB arbitration agreements for consumer credit contracts entered into by active-duty servicemembers and their dependents.  Lenders are denied by the MLA from including arbitration agreements in contracts for small dollar loans, payday loan, title loans…  extended to active-duty service members and their dependents where the credit is a closed-end payday loan with a term of 91 days or less in which the amount financed does not exceed $2,000, a closed-end vehicle title loan with a term of 181 days or less, or a closed-end tax refund anticipation loan.  Additionally, these MLA rules apply to additional products, including credit cards, installment loans, private student loans and federal student loans not made under Title IV of the Higher Education Act, and all types of deposit advance, refund anticipation, vehicle title, and payday loans.

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