mla oral disclosure script


  • What disclosures are required by MLA?

    Requires creditors to provide written and oral disclosures in addition to those required by TILA; Prohibits certain loan terms, such as prepayment penalties, mandatory arbitration clauses, and certain unreasonable notice requirements; and. Restricts loan rollovers, renewals, and refinancing by some types of creditors.
  • What is MLA in banking?

    The Military Lending Act (MLA) is a Federal law that provides special protections for active duty servicemembers like capping interest rates on many loan products.
  • Is MLA and SCRA the same?

    The MLA provides protections to servicemembers and their dependents for credit extended while the servicemember is serving on active duty. In contrast, the SCRA protects servicemembers and their dependents with obligations incurred prior to entry into active duty.
  • Knowingly violating the MLA or its implementing regulation is a misdemeanor under the criminal code of the United States. Penalties include a fine and imprisonment of not more than one year.
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