Time To Prepare For Military Lending Act Compliance
By Ronald Gorsline and Erica Kramer ( August 23, 2017, 4:23 PM EDT) -- In the days leading up to Oct. 3, 2016, many creditors found themselves rushing to comply with the newly expanded burdensome requirements of the Military Lending Act. However, credit card issuers enjoyed a brief reprieve, as the mandatory compliance date for "credit extended in a credit card account under an open-end (not home-secured) consumer credit plan" was set for Oct. 3, 2017, with the U.S. Department of Defense also retaining express authority to extend the date until as late as Oct. 3, 2018. The temporary exemption for credit cards is now set to expire in little more than a month, and the DOD has not given any indication that it plans to extend the compliance date another year....
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