When we conduct compliance reviews or answer compliance questions, it’s pretty common to see misunderstanding and/or confusion surrounding the safe harbor provision found in the Military Lending Act (MLA). More specifically, what the safe harbor is and how it works. In a nutshell, the MLA was enacted to provide protections for active-duty service members and their dependents. This means there is some red tape and restrictions a financial institution must follow when it comes to those borrowers. The safe harbor provides some protection as long as a financial institution is willing to jump through a few hoops.
Jerod explains more in the video.
Published
2024/03/12
Jerod Moyer