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Military Lending (UPDATED) - Tuesday, August 07, 2007
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August 7, 2007
The proposed rules currently are limited to three types of closed-end credit products:
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Payday loans: Defined as loans of $2000 or less and terms of 91 days or less that are to be repaid by a paycheck or access to a payroll account.
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Car Title Loans: Defined as loans of six months or less that are secured by the titles of motor vehicles.
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Tax refund anticipation loans: Defined as loans where the borrower gives the lender the rights to all or part of a tax refund.
Final regulations will come into effect Oct. 1, 2007.
April 7, 2007
The Department of Defense has issued proposed rules to implement the provisions on lending to service members and their families contained in the 2007 John Warner National Defense Authorization Act. Learn about "Military APR", new acronyms and more. Within the proposal, the DoD includes a large number of questions that it specifically wants commenters to answer or provide feedback on. Comments must be received no later than June 11, 2007.
Below is a link to the April 11 Federal Register PDF document available online. |
For more information visit: HTTP://a257.g.akamaitech.net/7/257/2422/01jan20071800/edocket.access.gpo.gov/2007/pdf/07-1780.pdf
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