A bill to amend section 987 of title 10, United States Code, to expand and improve consumer credit protections for members of the Armed Forces and their dependents, and for other purposes.
Military Lending Improvement Act of 2018
This bill revises consumer credit protections for active members of the U.S. Armed Forces and their dependents, including by (1) expanding such protections to cover individuals who have been separated from the Armed Forces for up to one year, (2) expanding the protections to cover loans for purchasing personal property secured by such personal property, (3) reducing the maximum allowable annual interest rate of covered loans, (4) prohibiting creditors from installing a device on a borrower's car that can affect the car's operation or report its location, and (5) imposing certain limitations on debt collection practices.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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