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DOD/OS | RIN: 0790-AJ10 | Publication ID: Spring 2015 |
Title: Limitations on Terms of Consumer Credit Extended to Service Members and Dependents | |
Abstract:
The Department of Defense ("Department") is amending its regulation that implements the Military Lending Act, herein referred to as the "MLA." Among other protections for servicemembers, the MLA limits the amount of interest that a creditor may charge on "consumer credit" to a maximum annual percentage rate of 36 percent. The Department is amending its existing regulation primarily for the purpose of extending the protections of the MLA to a broader range of closed-end and open-end credit products, rather than the limited credit products currently defined as consumer credit. In addition, the Department is amending its existing regulation to amend the provisions governing a tool a creditor may use in assessing whether a consumer is a "covered borrower," modify the disclosures that a creditor must provide to a covered borrower, implement the enforcement provisions of the MLA, as amended, and for other purposes. The revisions to this rule are part of DoD's retrospective plan under Executive Order 13563 completed in August 2011. DoD's full plan can be accessed at: http://exchange.regulations.gov/exchange/topic/eo-13563. |
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Agency: Department of Defense(DOD) | Priority: Economically Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Yes | Unfunded Mandates: No |
CFR Citation: 32 CFR 232 | |
Legal Authority: 10 U.S.C. 987 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: Yes | |
RIN Data Printed in the FR: No | |
Agency Contact: Marcus Beauregard Department of Defense Office of the Secretary 4000 Defense Pentagon, Washington, DC 20301-4000 Phone:571 372-5357 Email: marcus.j.beauregard.civ@mail.mil |