The Department of Defense consented with Congress and has done its component by issuing laws in 2007 to implement what the law states. Then, DoD strengthened and expanded those laws in 2015 to shut loopholes employed by unscrupulous loan providers to circumvent congressional intent. We served as solicitors at the office DoD tasked with applying the Military Lending Act, and invested a long time fighting to protect and enhance these critical protections for the families that are military.
The MLA has made a significant difference for army families. How many cash advance organizations focusing on army families around bases has fallen down. And loan providers are forbidden from upselling solution users on sketchy, over-priced вЂњadd-onsвЂќ to credit cards and several other types of credit. (more…)