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Flashcards in MLA Deck (8)
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1
Q

Military Lending Act covers consumer credit made to:

A

active duty military or their dependents

2
Q

MLA includes only loans covered by:

A

Reg Z

3
Q

T or F

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

A

TRUE

4
Q

MLA disclosures must be ____________ and provided __________.

A

* in writing

* before consummation

5
Q

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

A

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

6
Q

T or F

MLA disclosures must have a required statement.

A

TRUE

7
Q

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

A

the MAPR are more favorable to the borrower

8
Q

T or F

MLA prohibits prepayment penalties

A

TRUE