Two major federal laws govern how to properly make and service extensions of credit to active duty Servicemembers - the Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA). This webinar will cover the protections afforded to active duty Servicemembers under the SCRA for existing extensions of credit as well as the MLA’s compliance requirements for new loans made to active duty Servicemembers.
Covered Topics
- The maximum rate of interest and repossession/foreclosure protections available under the SCRA;
- Proper calculation of the military annual percentage rate (MAPR) under the MLA and its additional disclosure requirements; and
- Product limitations and restrictions associated with new extensions of credit to active duty Servicemembers.
Who Should Attend?
Lenders, Underwriters, Lending Support Staff, Collectors, Managers, Compliance Officers and Auditors