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June 2018

The Banking Law Journal

By: Quyen T. Truong

The interpretive guidance for the Military Lending Act has presented some significant and unwelcome surprises to lenders. Among them is a portion of the amended Interpretive Rule that many in the industry fear may restrict, or indeed preclude, the offering to active duty servicemembers, their spouses and dependents of auto vehicle purchase loans that also finance Guaranteed Asset Protection insurance and other types of insurance. Partner Quyen Truong discusses the Act, the Intpretive Rule, the impact, and next steps for the industry.

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