On July 22, 2015, new changes to the Military Lending Act (MLA) were adopted by the Department of Defense, which, for the first time, expand the MLA’s coverage to most credit unions. In addition, the required disclosures have been modified and the types of service members covered have increased. These are drastic changes, which are effective on October 1, 2015. Fortunately, compliance is not required until October 3, 2016, for most consumer loans (October 3, 2017, for credit cards). The penalties for a violation will be severe – damages of not less than $500 per violation, plus punitive damages and attorneys’ fees.
This webinar will explain what your credit union needs to know about these new changes to the MLA, and how you can prepare. This program also will explain how the MLA operates in conjunction with the Servicemembers Civil Relief Act (SCRA). This webinar will be available on September 21, 2015 and is AVAILABLE ONLY VIA ARCHIVED WEBINAR (includes FREE CD ROM). Click here to register.