Skip to content
GeoDataVision
Thread Options
#2105279 - 10/31/16 03:53 PM MLA
Tessie Offline
100 Club
Joined: Jan 2006
Posts: 155
I'm a little confused on the MLA. It says:

It initially applied to three narrowly-defined “consumer credit” products:
•Closed-end payday loans;
•Closed-end auto title loans; and
•Closed-end tax refund anticipation loans.

Then it says:

but it does not apply to residential mortgages and credit secured by personal property, such as vehicle purchase loans.

So someone comes in an gets an auto loan and secures the loan with that auto, that is not a covered loan??

Also if we have a loan that was done a year ago and the customer has been in the service, but is just now going on active duty, is that a covered loan?

Return to Top
Lending Compliance
#2105293 - 10/31/16 04:52 PM Re: MLA Tessie
Amandak Offline
Member
Joined: Jul 2013
Posts: 80
Wisconsin
It does cover personal property just not a purchase of personal property or vehicle. I will PM you a decision tree for MLA that I just sent to my lenders this morning.

It only covers loans made on or after October 3, 2016. A loan made last year is not covered under MLA.

Return to Top
#2105310 - 10/31/16 05:41 PM Re: MLA Amandak
MScarn6942 Offline
Platinum Poster
Joined: Aug 2015
Posts: 756
Land Lacking in Lakes, IL
Amandak - could you send that decision tree my way, too, please? Thank you!
_________________________
"Pressure is something you feel when you don't know what you're doing" - Peyton Manning

Return to Top
#2106145 - 11/06/16 07:54 PM Re: MLA MScarn6942
theloanbug Offline
Platinum Poster
Joined: Sep 2005
Posts: 720
Amandak- can you send that decision tree my way too? Thank you so much.

Return to Top
#2106150 - 11/06/16 11:27 PM Re: MLA Tessie
Darth HMDA, CRCM, CAMS Offline
Diamond Poster
Darth HMDA, CRCM, CAMS
Joined: Dec 2013
Posts: 1,387
CA
Amandak - agreed. if you could share it would be appreciated. The more tools the better. Thank you!
_________________________
The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

Return to Top
#2106167 - 11/07/16 01:54 PM Re: MLA Tessie
MScarn6942 Offline
Platinum Poster
Joined: Aug 2015
Posts: 756
Land Lacking in Lakes, IL
Does anyone know how to get a tool added to the BOL website? This may be a good one to have added!
_________________________
"Pressure is something you feel when you don't know what you're doing" - Peyton Manning

Return to Top
#2106176 - 11/07/16 02:32 PM Re: MLA Tessie
JWills, CRCM Offline
Diamond Poster
JWills, CRCM
Joined: May 2013
Posts: 1,756
The Mitten State
I would like the decision tree as well please.
_________________________
Nonsense wakes up the brain cells.

--Dr. Seuss

Return to Top
#2106190 - 11/07/16 03:37 PM Re: MLA Tessie
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Does anyone know how to get a tool added to the BOL website? This may be a good one to have added!

That's a good question for the BOL Team. On the "Tools" page, it states "Submit a Tool" in the Tools Menu (far left top). However, that link doesn't appear to be working.
https://www.bankersonline.com/tools
_________________________
David Dickinson
http://www.bankerscompliance.com

Return to Top

Moderator:  Andy_Z