Inside Sweeping Changes To DOD's Military Lending Act Rules

Law360, New York (July 31, 2015, 3:18 PM EDT) -- On July 22, 2015, the U.S. Department of Defense adopted sweeping changes to its rules that implement the Military Lending Act. 80 Fed. Reg. 43,560. The amended rules significantly expand the scope of the MLA provisions by covering both new types of creditors and new credit products, including installment loans and other closed-end credit products and credit cards and other open-end credit accounts. The rules become effective on Oct. 1, 2015, with compliance required by Oct. 3, 2016. However, compliance with the rules for credit cards is...

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