Join Equifax on Thursday, February 22, 2018 at 2:30 PM ET for a free and informative webinar focusing on the Military Lending Act (MLA), what it means for pawnbrokers, and how Equifax can help.
The Military Lending Act (MLA) provides a safe harbor to pawnbrokers if they verify “covered borrower” status for every pawn loan. The Act limits interest, and other charges, for armed services active-duty members, Guard or Reserve forces, their spouses and covered dependents. Each and every consumer—whether you believe them to be associated with the military or not—must be checked for “covered borrower” status in order to receive the safe harbor.
Violating this regulation could cost your business big time. You could face voided contracts, misdemeanors or imprisonment, and fines at minimum of $500 per violation. Don’t risk it.
Tune in as Tammy Stacy, Deputy Chief Compliance Officer at Equifax, and Robert Lockhart, Product Manager at Equifax, share:
- Background information on the Military Lending Act
- Compliance options and steps you can take to attain safe harbor
- How Equifax can help you verify covered borrower status more efficiently
For additional information about the MLA Covered Borrower Status solution from Equifax, visit us online.
The post Upcoming Webinar: Military Lending Act Compliance – What Pawnbrokers Need to Know appeared first on Insights.