MLA Flashcards
1
Q
Military Lending Act covers consumer credit made to:
A
active duty military or their dependents
2
Q
MLA includes only loans covered by:
A
Reg Z
3
Q
T or F
MLA excludes residential mortgages and purchase money credit for (and secured by) personal property
A
TRUE
4
Q
MLA disclosures must be ____________ and provided __________.
A
* in writing
* before consummation
5
Q
MLA creates a Military APR (MAPR) that cannot exceed:
A
36% in covered transactions (includes all fees and charges)
6
Q
T or F
MLA disclosures must have a required statement.
A
TRUE
7
Q
Lenders can only renew, refinance, consolidate, etc. when:
A
the MAPR are more favorable to the borrower
8
Q
T or F
MLA prohibits prepayment penalties
A
TRUE
