DoD Changes to the Military Lending Act Rule - Live Webinar by Eli Financial

Eli Financial is all set to host yet another live webinar event by noted expert speaker Leonard N. Chanin on Thu, August 25, 2016, where he will help you understand the prerequisites for the Department of Defense? Military Lending Act Rule.


Eli Financial, a division of AudioSolutionz, specializes in delivering high-quality information, knowledge and updates on topics that are a must-know for banking, finance, accounts and taxation professionals.


On Thursday, August 25, 2016, Eli Financial will host a Live Webinar titled ?Complying with the Final Military Lending Act Rule? with expert speaker Leonard N. Chanin. This session is aimed towards understanding what all is needed to meet the essentials of the Final Military Lending Act Rule and how a business can modify its model to adhere with the regulations.


The Final Rule was issued by the Department of Defen se (DoD), on 21st July 2015, which amended the existing Military Lending Act 2015 (MLA) regulations. This Rule extended the types of open-end and closed-end consumer credit products that are covered under the MLA and further includes those aligned with the very meaning of credit under the Truth in Lending Act (TILA) and Regulation Z. This rule extends the cover to active-duty military personnel, active National Guard and Reserve Personnel, along with their dependents.


Those who are covered under the MLA can avail a number of benefits, including:

• A 36% Military Annual Percentage Rate Cap, which includes:
  
  
  
  • Fees for varying domains
  
  
  • Interest value
  
  
  • Credit insurance premiums
  
  
  • Credit renewal charges
  
  
  • Credit service charges


• Written/Oral disclosure regarding all associated charges before the loan is issued


• No roll-over of the same loan product without adding more favorable terms for the one taking it up


• No mandatory waivers of consumer protection laws, which in turn protects service members from getting into any legal hassle


• No forced arbitration, thereby barring any outside party from aiding in resolving a dispute instead of a court


• There won't be any need for mandatory allotment to recover loan from you through any paycheck collected from you otherwise.


• There won't be any prepayment penalty for paying back the loan amount in part or in full earlier than the pre-determined dates.

In this 100-minute live webinar session, Leonard N. Chanin will take you through the entire process of complying with the Final Military Lending Act rule and its effects and benefits for different individuals. He will also help you understand what exactly you will need to do on your part to meet the requirements of the rule.


Upon the conclusion of the session, Retail bankers and other lenders, In-house legal counsel and Compliance officers will be able to understand the issues raised by the final MLA Rule and what their institution will need to do in order to comply with the same. Several other aspects will also form up the crux of this informative session.


To register for the webinar visit: https://www.elifinancial.com/banking/comply-with-military-lending-act-rule-dod


About Eli Financial

Eli Financial is an AudioSolutionz division and is focused exclusively on delivering high-quality information, analysis as well as how-to strategies to finance professionals. Its products comprise of monthly newsletters, special reports, webinars, live conferences, and more, through which it provides intelligent strategic analysis along with practical guidance, and not just simple reporting of regular news.

Company :-Eli Financial

User :- John Bartram

Email :-bartramjohn000@gmail.com

Phone :-800-223-8720

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