MLA disclosure
Federal law provides important protection to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces, and his or her dependents, may not exceed an annual percentage rate of 36%. This rate must include, as applicable to the transaction or account, the costs associated with credit insurance premiums, fees for ancillary products sold in connection with the credit transaction, any application fee charged other than certain application fees for specified credit transactions or accounts, and any participation fee charged, other than certain participation fees for a credit card account. For closed end loans, such as a vehicle loan, or personal loan, your payment obligation for your covered loan is the total amount owed on the loan including interest, charges, and fees, divided by the loan term into equal monthly payments. You will make a monthly, bi-monthly or weekly payment as the case may be under your agreement with the credit union. Please refer to the written materials given to you in connection with opening the loan for information specific to your loan. For open end loans such as credit cards, your minimum payment is calculated as 2% of a balance. For open end loans, such as lines of credit, your minimum payment is calculated at 3% of the credit limit. Please refer to the written materials given to you in connection with opening the loan for information specific to your loan.