Military Lending Act (MLA). The Military Lending Act provides protections for members of the Armed Forces and their dependents. 11.2.1: Statement of MAPR (Military Annual Percentage Rate). Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account).
Appears in 4 contracts
Sources: Consumer Credit Card Agreement, Consumer Credit Card Agreement, Consumer Credit Card Agreement
Military Lending Act (MLA). The Military Lending Act provides protections for members of the Armed Forces and their dependents.
11.2.1: Statement of MAPR (Military Annual Percentage Rate). Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account).charged
Appears in 2 contracts
Sources: Consumer Credit Card Agreement, Consumer Credit Card Agreement