New Bill Updates DBO Authority to Enforce Military Lending Act
October 30, 2017
A new California bill, SB 266, updates existing laws that give the Department of Business Oversight authority over California lenders’ compliance with the federal Military Lending Act (MLA). In 2015, Congress strengthened several provisions of the MLA by covering more types of transactions and enhancing disclosure requirements. SB 266 incorporates the 2015 changes.
See CBA’s Regulatory Compliance Bulletin for more information.