The Military Lending Act applies to “covered borrowers.” Who are “covered borrowers?”
This law defines a “covered borrower” as a person with the following status at the time he or she enters into a loan agreement:
- A regular or reserve member of the Army, Navy, Marine Corps, Air Force, or Coast Guard serving on active duty under a call or order that does not specify a period of 30 days or less, or such a member serving on Active Guard and Reserve duty as that term is defined in 10 USC 101(d)(6); and
- The member’s spouse or child defined in 38 USC 101(4); or
- An individual for whom the member provided more than one-half of the individual’s support for 180 days immediately preceding an extension of consumer credit.