DOD Removes Problematic QA2 From MLA Guidance
While there remain a number of compliance burdens associated with Military Lending Act guidance, the industry is grateful for the removal of QA2, which created numerous conflicts and uncertainty. That question/answer indicates that a credit transaction that also finances a credit-related product or service – such as GAP or credit insurance – rather than a product or service expressly related to the motor vehicle or personal property would not qualify for exemption from the requirements of MLA. [2/28/20]
