New Consumer Rights for 3 Million Servicemembers and Dependents
Starting October 3, there will be new consumer rights for 3 Million Servicemembers & Dependents! The Talent-Nelson Military Lending Act (MLA), 10 U.S.C. § 987, enacted in 2006, imposes a 36% interest rate cap, bans mandatory arbitration, and imposes other restrictions on “consumer credit” extended to service members and their dependents. The MLA applies to…