The easiest, most cost-effective way to stay MLA Compliant

What does it do?

The Military Lending Act (MLA) establishes specific protections and requirements for lenders providing credit to active-duty military personnel, their family members, dependents, members of the National Guard, and reserve components of the Army, Navy, Air Force, or Marine Corps. This law is designed to protect military members from predatory lending practices by imposing strict limits on interest rates and fees. Failure to comply with the Military Lending Act can result in significant fines, civil liability, and even criminal penalties.

The system offers a streamlined process to verify military status for credit applicants, ensuring lenders meet MLA compliance standards. It can function as a stand-alone report or be integrated into credit reporting workflows. Additionally, it supports batch processing, enabling users to apply checks across an entire database of candidates for efficient and comprehensive assessments.

The service provides:

• Confirmation of whether an applicant qualifies as an MLA “covered borrower”
• The most recent name and address on record for the submitted applicant

What is it used for?

This tool is essential for lenders seeking MLA solutions to ensure compliance with federal regulations. By quickly identifying whether a credit applicant is covered under the Military Lending Act, lenders can make informed decisions during the origination process for various types of credit, including:

• Consumer loans
• Vehicle title loans
• Tax refund anticipation loans
• Other forms of credit governed by the MLA

By offering reliable tools to verify military status, this solution helps financial institutions comply with the Military Lending Act and avoid the risks associated with non-compliance. Whether used for individual applicants or across a large portfolio, this service ensures lenders can meet their legal obligations while providing fair and transparent credit options to military members and their families.