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Military Lending Act-Consumer Credit Loan

Under the Military Lending Act, it states that a Consumer Credit Loan that is "Subject to a finance charge OR Payable by a written agreement in more than four installments." My question is whether a 6 month term loan for $2500.00 would be exempt?

by Randy Carey:

If you are charging interest on the loan - yes. Those two statement are separated by an "OR".


by Richard Insley:

This is a standard for coverage...not exemption from coverage.

First published on 04/01/2018

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