TOPIC: Military Lending

Military Lending Act

Employee at a bank ($436MUSA)
When we open a new overdraft line of credit a military check is done with the DOD as required. What about changes to the account? For example when a new signer is added should it be ran on not only the new individual, but ran again on those who are currently on the account. Also when a signer is removed or the amount of the credit changes. 

My thought is whenever a new agreement is signed for any reason all signers should be rechecked. Thanks

    Renewal of MLA-covered Share Secured Loan

    SVP at a credit_union ($360MUSA)
    On a renewal of a share secured MLA-covered loan, would you first pay off the existing loan with the shares that are on hold, and then process the new loan/renewal and then deposit the loan proceeds back to the share and place the hold?  I am having difficulty locating my answer, but with the additional requirements for share secured, this seems to follow those. Thanks in advance for your assistance!

      SCRA/MLA Quick Reference Guide with Updated Links and References

      Manager at a bank ($32BUSA)
      Hi All,
      I am attaching an updated version of the document I created a while back to differentiate the general requirements of the Servicemembers Civil Relief Act and the Military Lending Act.  Please let me know if you find anything that is incorrect of not working or if you have any questions or concerns.  I noticed that others were posting the non-updated version, as well, but I created it and know the background. 
      Thank you very much!

        Evans Simpson for Insurance Tracking (Forced Place Insurance)

        Employee at a credit_union ($72MUSA)
        I am the compliance officer here at. We are looking to use Evans Simpson for insurance tracking on collateralized loans. What we are wanting to know is how does this work with closed end lending. Does this trigger any MLA issues in the same way that GAP can, or if this is different because it is subsequent to the loan whereas GAP is at origination? Any feedback would be great if you can reach out to me via email (pamj@scngfcu.org) or call me when time permits at (803) 799-1090. I look forward to hearing from you. Thanks, Pamela Jennings)