I attended the MLA Essentials webinar, and I’m hoping to get some clarification on the definition of “motor vehicle” under the Military Lending Act. For example, are RVs or UTVs considered “motor vehicles”?
The new rule doesn’t define motor vehicle, but we can gain some insight by looking at the definition of a vehicle title loan in the regulation implementing the MLA and how it defines motor vehicle. It says it applies to a motor vehicle that has been registered for use on public roads and owned by a covered borrower. It seems any other types of motor vehicle would be considered personal property.