Military Lending Improvement Act of 2018 Introduced in the US Senate

On August 1, 2018, Senator Bill Nelson (D – FL) introduced “The Military Lending Improvement Act of 2018” to add protections to the Military Lending Act (MLA) and the Fair Debt Collection Practices Act (FDCPA). The bill proposed, among other changes, prohibiting debt collectors from threatening prosecution under the Uniform Code of Military Justice and would prevent collectors from harassing service members by contacting their commanding officers about a debt.
 
Regarding amendments to the MLA, the bill proposes lowering the maximum interest rate on covered transactions for service members from 36% to 24%, extending coverage of the MLA to veterans up to one year after discharge from the military, and expanding its coverage to include vehicles and other personal property.
 
These amendments offer strong protections for military service members and their families, who are often hardest hit by collection abuse. If you are a service member facing illegal collections, you should contact a consumer debt collection attorney to protect your rights under the law. These services are performed for no out-of-pocket expense because the debt collectors must pay your fees, costs, and damages if you have a successful claim.
 
Source: https://www.natlawreview.com/article/military-lending-improvement-act-2018-introduced-us-senate