Poverty Law Center Applauds New Military Lending Act Final Rules
The Department of Defense has issued an expansive new rule that protects servicemembers and their families from high-cost installment lenders, pay day lenders, and other predatory credit providers. This rule is an addition to the Military Lending Act, an Act passed in 2006 that capped interest rates and add-on fees to members of the military and their families to 36 percent.
“Updating the Military Lending Act gives servicemembers and their families the protection they deserve, said Linda Cook, Senior Attorney at the Ohio Poverty Law Center. “Cracking down on abusive lending will ensure that payday lenders and others no longer threaten the military with predatory loans.”
Read The Center’s complete statement here.