California recently enacted Senate Bill 1311, the Military and Veteran Consumer Protection Act of 2022, with the stated intent of strengthening the state's military consumer protection laws by enhancing protections for...more
12/5/2022
/ Automotive Loans ,
California ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Services Industry ,
Financial Transactions ,
Military Lending Act ,
Military Service Members ,
Motor Vehicles ,
New Legislation ,
Regulatory Reform ,
UDAAP ,
Veterans
Accepting payments via discretionary military allotments has long been suspect in the eyes of the Consumer Financial Protection Bureau. Military allotments are automatic deductions from military pay. Allotments can be...more
On December 4, 2020, the Consumer Financial Protection Bureau announced the filing of a lawsuit against an online lender for allegedly violating the Military Lending Act ("MLA"). The CFPB's complaint alleges that the lender...more
Until December 2017, the auto industry operated under the understanding that the federal Military Lending Act's (MLA) exclusion from coverage for credit transactions "expressly intended to finance the purchase of a motor...more
Our country’s military members and their families devote their lives to serving the defense needs of our country, often at great personal sacrifice. As a result, federal and state laws have been crafted to provide these...more