Quandis Military Lending Act Search
Short term loans are subject to the Military Lending Act. Failure to comply with the MLA guidelines is a big deal, the penalties for violations are severe. Civil penalties include:
- having the loan declared void from inception
- $500 per violation in actual damages,
- punitive damages,
- court costs, and attorney’s fees.
In addition, private rights of action are allowed, which could expose your credit union to class action litigation.
Quandis’ Military Lending Act Search provides the most comprehensive search of the Department of Defense database. Our proprietary name permutation technology ensures that you don’t miss a covered borrower simply because you have an improperly formatted name.
Features include:
- safe harbor
- easily integrate into your automated underwriting engine, or
- simply upload a spreadsheet of borrowers, and download a results spreadsheet
- provide you with the audit trail needed in case of an audit
This will be the least expensive tool in your risk management tool box usually costing only pennies a search.