
Credit Card Jane: Is the MLA Credit Card Rule Retroactive?
Meet Jane. Jane opens a credit card before the Military Lending Act (MLA) credit card compliance deadline. She is a covered borrower when she opens the card and remains a covered borrower throughout the card's life. The question is, does the MLA apply to transactions Jane makes on her credit card after October 3? What if Jane requests an increase in her credit limit after Oct. 3? Is the credit card now covered by the MLA? Here are the answers. [8/28/17]