Answer:
by Randy Carey:
If you are charging interest on the loan - yes. Those two statement are separated by an "OR".
Answer:
by Richard Insley:
This is a standard for coverage...not exemption from coverage.
Military Lending Act-Consumer Credit Loan
Answered by:
Question:
Under the Military Lending Act, it states that a Consumer Credit Loan that is "Subject to a finance charge OR Payable by a written agreement in more than four installments." My question is whether a 6 month term loan for $2500.00
would be exempt?
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