truth in lending act

Comment Letter to the Department of Defense supporting expansion of protections to service members under the Military Lending Act

This comment letter encourages the Department of Defense to expand the Military Lending Act (MLA) to ensure that service members and their families are protected from all forms of high-cost credit. Passed in 2007, the MLA instituted a 36 percent annual percentage rate (APR) cap for certain kinds of payday loans and auto title loans. A number of states, including Illinois, have high-cost loan products that fall outside the boundaries of the MLA. This means the 18,000 active duty  service members in Illinois are still being marketed products with triple digit interest rates.

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