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8/28: How Some Lenders are Taking Advantage of Military Families
Manage episode 341166215 series 3395044
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As outlined by the Consumer Financial Protection Bureau (CFPB), the MLA provides servicemembers with the following rights:
1. 36% cap on interest rates. A consumer credit provider cannot charge more than a 36% Military Annual Percentage Rate (MAPR). This includes costs such as:
Finance charges
Credit insurance premiums
Add-on credit-related products sold in connection with the credit
Fees such as application fees and fees for debt cancellation contracts (some exceptions)
2. No mandatory waiver of certain legal rights. A credit provider cannot require you to submit to mandatory arbitration of give up certain rights that protect you under Federal or State law such as the Servicemembers Civil Relief Act.
3. No mandatory allotments. A consumer credit provider cannot require you to create a military allotment as a term of receiving a loan.
4. No prepayment penalty. A consumer credit provider cannot charge a servicemember a penalty for making an early payment for all or part of a loan.
Brochu Law, PLLC represents Military Lending Act claims on a contingency fee basis. There is no fee unless you win. We advance all costs on behalf of our clients.
Brochu Law, PLLC represents military families and consumers nationwide*
*Disclaimer –Christopher J. Brochu, Esq. is licensed to practice law in the State of Florida. Brochu Law, PLLC works with co-counsel in accordance with state and federal law.
Do You Think You May Have a Potential Claim?
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•📧| C.Brochu@BrochuLaw.com
•📞| 904-201-1771
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