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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. |
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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 |
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Timetable:
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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 |