MLA

Question 1

Military Lending Act covers consumer credit made to:

Answer 1

active duty military or their dependents

Question 2

MLA includes only loans covered by:

Answer 2

Reg Z

Question 3

T or F

MLA excludes residential mortgages and purchase money credit for (and secured by) personal property

Answer 3

TRUE

Question 4

MLA disclosures must be ____________ and provided __________.

Answer 4

* in writing

* before consummation

Question 5

MLA creates a Military APR (MAPR) that cannot exceed:

Answer 5

36% in covered transactions (includes all fees and charges)

Question 6

T or F

MLA disclosures must have a required statement.

Answer 6

TRUE

Question 7

Lenders can only renew, refinance, consolidate, etc. when:

Answer 7

the MAPR are more favorable to the borrower

Question 8

T or F

MLA prohibits prepayment penalties

Answer 8

TRUE