Duckworth ensures new financial protections for servicemembers are not delayed
The Military Lending Act (MLA) protects servicemembers and their families from high-cost, predatory consumer credit products and caps annual percentage rates (APR) at 36 percent. Unfortunately, the current MLA definition of “consumer credit” is too narrow, allowing lenders to get around the APR cap and offer loan products that often lead to long-term debt problems.
