Military Lending Act

In Defense of Our Soldiers: New Regulations Target Payday Loans for Military Personnel

In Defense of Our Soldiers: New Regulations Target Payday Loans for Military Personnel
The Department of Defense released proposed rules late last week targeting the practices of a broad range of high-cost lenders and prohibiting them from charging service members interest rates over 36 percent. The new rules would overhaul the Military Lending Act, which, when enacted in 2007, narrowly defined potentially abusive loans. But as ProPublica and Marketplace reported last year, high-cost lenders easily circumvented the law by offering longer-term loans. The new rules would have a substantial impact.
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Paul Kiel
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