On January 3, 2013, Title 10. Section 987(f) of the U.S. Code was amended to provide protection for service members and their dependents regarding credit, arbitration, and limiting interest rates. This amendment provides service members and their dependents a private cause of action against lenders who violate the Military Lending Act.
The Military Lending Act law was amended in H.R. 4310, the “National Defense Authorization Act.”
The Law Office of Robert B. Goss, P.C. https://www.attorneyforveterans.com/ is honored to assist our service members, veterans, and their dependents.
To read the amendment creating the Private Cause of Action read on:
The enacting legislation may be found in H.R. 4310, National Defense Authorization Act, SEC. 662. EFFECT OF VIOLATIONS OF PROTECTIONS ON CONSUMER CREDIT EXTENDED TO MEMBERS OF THE ARMED FORCES AND THEIR DEPENDENTS.
(a) CIVIL LIABILITY.-Section 987(f) of title 10, United States Code, is amended by adding at the end the following new paragraph:
”(5) CIVIL LIABILITY.-
”(A) IN GENERAL.-A person who violates this section with respect to any person is civilly liable to such person for-
”(i) any actual damage sustained as a result, but not less than $500 for each violation;
”(ii) appropriate punitive damages;
”(iii) appropriate equitable or declaratory relief; and
”(iv) any other relief provided by law .
”(B) COSTS OF THE ACTION.-In any successful action to enforce the civil liability described in subparagraph (A), the person who violated this section is also liable for the costs of the action, together with reasonable attorney fees as determined by the court.