The Military Lending Act of 2007 established a lending rule for military personnel on closed end auto title loans, closed end payday loans, and income tax refund anticipation loans. In July 2015, President Obama and the Department of Defense authorized and issued a Final Rule to the Military Lending Act (MLA) to include traditional installment loans.
As of January 2016, Inter-America Finance Corp will no longer make loans to active duty military personnel and their dependents due to the new restrictions in the law. If you feel that this new regulation will affect you adversely, you should make your concerns known through your military chain of command or your state’s Member of Congress.
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