* Please note that the recording will not be immediately delivered to you. Upon purchasing please allow 24-48 hours for delivery. The recording will come in the form of a web link via e-mail from [email protected] The training manual that corresponds with the recording will be automatically delivered upon purchasing via email from the website
On July 22, 2015 the Department of Defense (DOD) published a 54-page final rule that amends its existing Part 232, which implements the Military Lending Act (MLA). The law and Regulation provide various protections for servicemembers and their families.
The DOD amended its regulation primarily for the purpose of extending the protections of the MLA to a broader range of closed-end and open-end credit products.
This information packed program prepares participants for the October 3, 2016 mandatory compliance date. Participants receive a detailed manual that serves as a handbook long after the program is completed.
Upon completion of the program participants understand:
- How to determine and verify which applicants are “covered borrowers,”;
- How to identify dependants;
- How to determine whether transactions are covered or exempt;
- Required disclosures;
- Limitations on creditor acts or practices;
- Recordkeeping requirements;
- Penalties and remedies.
The program is designed for loan officers, compliance officers, loan processors and clerks, auditors, and anyone else with responsibilities related to consumer lending.