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DOD/OS RIN: 0790-AK79 Publication ID: Fall 2020 
Title: Limitations on Terms of Consumer Credit Extended to Service Members and Dependents; Amendment  
Abstract:

DoD is proposing to amend the regulation implementing the Military Lending Act, also referred to as the MLA, to ensure continued access to reasonable credit by Service members and families to finance a motor vehicle purchase and reduce the burden and risk to business of potentially extending unsecured credit for such transactions. The proposed change to the regulation is limited to a technical adjustment to allow certain classes of creditors to continue to offer reasonable credit terms to MLA covered borrowers to finance the bona fide purchase of a motor vehicle under certain conditions where a loan with proceeds used for multiple purposes may not qualify for the limited vehicle purchase loan exception in the statue and regulation.

 
Agency: Department of Defense(DOD)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: Undetermined 
EO 13771 Designation: Other 
CFR Citation: 32 CFR 232   
Legal Authority: 10 U.S.C. 987   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  05/00/2021 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Andrew Cohen
Director, Financial Relations (ODASD)(FE&T)
Department of Defense
Office of the Secretary
4000 Defense Pentagon, Room 2E573,
Washington, DC 20301-0001
Phone:703 692-5286
Email: andrew.h.cohen.civ@mail.mil