Covered Borrower is a consumer who, based on the determination made in accordance with 32 CFR Part 232.5, is entitled to the Limitations on Terms of Consumer Credit Extended to Service Members and Dependents under 32 C.F.R. Part 232. Your first statement will indicate whether you are a Covered Borrower, based on a review of the Department of Defense’s database and/or a report from a consumer-reporting agency. If you’re a Covered Borrower, we will notify you in writing no later than 60 days after the determination made in accordance with 32 CFR Part 232.5.
Covered Borrower means a person with the following status at the time he or she becomes obligated on a consumer credit transaction covered by this part:
Covered Borrower is a consumer who, based on the determination made in accordance with 32 CFR Part 232.5, is entitled to the Limitations on Terms of Consumer Credit Extended to Service Members and Dependents under 32 C.F.R. Part 232. Your first statement will indicate whether you are a Covered Borrower, based on a review of the Department of Defense’s database and/or a report from a consumer-reporting agency. If you’re a Covered Borrower, we will notify you in writing no later than 60 days after the determination made in accordance with 32 CFR Part 232.5. • This Agreement shall be interpreted to comply with the Military Lending Act, including its restrictions on permissible loan terms and limitations on interest and fees. For Accounts opened on or after October 3, 2017, if you are a Covered Borrower: (a) the Arbitration Provision and jury trial waiver shall not apply to you; (b) any interest or fees in excess of the permitted limit shall be reduced by the amount necessary to satisfy that limit and any amounts collected in excess of the permitted limit shall be refunded by crediting your Account or by making a direct payment to you; and (c) any other provision of this Agreement that is inconsistent with the Military Lending Act shall not apply to you. • To hear this Military Lending Act disclosure and the payment obligations thereunder, call toll free at 0-000-000-0000; TDD/TTY 0-000-000-0000. Annual Percentage Rate (APR) for Purchases Prime rate plus 21.74%. This APR will vary with the market based on the Prime Rate. How to Avoid Paying Interest Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases if you pay your entire balance by the due date each month. Minimum Interest Charge If you are charged interest, the charge will be no less than $2.00 per credit plan.
Examples of Covered Borrower in a sentence
If you are determined to be a Covered Borrower at the time this Agreement is entered into, and at a later date are no longer a Covered Borrower, you agree that the provisions of 32 CFR Part 232 will no longer apply to this Agreement.
In general, the cost of consumer credit to a Covered Borrower may not exceed an APR of 36%.
Permissible use of the Equifax MLA Covered Borrower Status is limited to completing covered borrower checks pursuant to the Military Lending Act (MLA), as codified in 10 U.S.C. 5987.
If you would like more information about whether you are a Covered Borrower and whether this section applies to you, please contact us at 000-000-0000.
You will not be deemed to be an MLA Covered Borrower, and therefore your pledge will apply, if you: (i) established your credit card account when you were not an MLA Covered Borrower; or (ii) cease to be an MLA Covered Borrower.
More Definitions of Covered Borrower
Covered Borrower for purposes of this Agreement means a consumer who, at the time the consumer becomes obligated on this Agreement, is a covered member or a dependent of a covered member as defined by the Military Lending Act. Covered Borrower does not mean a consumer who (though a Covered Borrower at the time he or she became obligated on this Agreement) no longer is a covered member or a dependent of a covered member as defined by the Military Lending Act.
Covered Borrower. Refers to active duty members of the military, their spouses, and their dependents, as defined in the Military Lending Act (MLA).
Covered Borrower means certain members of the Armed Forces and their dependents for which the Military Lending Act provides protections.
Covered Borrower. A consumer who is entitled to the Limitations on Terms of Consumer Credit Extended to Service Members and Dependents under 32 C.F.R. § 232 (the Military Lending Act Regulations).
Covered Borrower means a consumer who is entitled to the Limitations on Terms of Consumer Credit Extended to Service Members and Dependents. A consumer becomes a Covered Borrower pursuant to a determination made in accordance with 32 C.F.R. 232.5(b). A consumer ceases to be a Covered Borrower when he or she is no longer a member of the Armed Forces serving on active duty or a dependent of such member, as defined under 32 C.F.R. 232.3(g).
Covered Borrower for purposed of this loan means a consumer who, at the time of the consumer becomes obligated on this loan, is a covered member or a dependent of a covered member as defined by the Military Lending Act. A Covered Borrower does not mean a consumer who (though a Covered Borrower at the
Covered Borrower for purpose of this Agreement means a consumer who, at the time they become obligated under this Agreement, is a covered member or a dependent of a covered member as defined by the Military Lending Act. A Covered Borrower does not mean a consumer who (though a Covered Borrower at the time they became obligated on this transaction) no longer is a covered member or a dependent of a covered member as defined by the Military Lending Act.