Skip to content

MIL - Open-end and ODP Coverage

Question: 
The Military Lending Act does not specify if the Act applies to an open-ended Overdraft Protection line that is tied to a checking account or a closed-ended loan secured by the applicants’ deposit accounts such as a savings and/or certificate of deposit. Does the Rule apply to both consumer credit types?
Answer: 

The MLA has references to Reg Z, which defines “credit card” under 1026.2(a)(15)(i). Credit cards are covered. “Open-end” is separately defined at (20). Overdraft lines will fall under open-end credit.
-----------------------------
Learn more about Andy Zavoina’s webinar Attention - Military Lending

First published on 01/19/2020

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics