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?