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Military Lending Act

More about the Military Lending Act – What it Means

The Military Lending Act of 2007 established certain protections for servicemembers and their dependents. It instituted lending rules for “consumer credit” transactions such as closed-end payday loans, closed-end auto title loans, and income tax refund anticipation loans.

In July of 2015, President Obama, along with the Department of Defense, issued a Final Rule on the Military Lending Act, which now includes regulations on traditional installment loans. Therefore, we are required to comply with amendments and can no longer make loans to “covered borrowers.”

A “covered borrower” is a person with one of the following statuses at the time they enter into a loan agreement:

  • A reserve or regular member serving on active duty in the Army, Marine Corps, Air
    Force, Coast Guard, or Navy
  • The military member’s child or spouse as defined in 38 USC 101(4)
  • Any individual in which the military member has provided more than half of their support within 180 days before the extension of consumer credit

If you are considered a “covered borrower,” and you believe the limitations of this law and its subsequent amendments adversely affect you, make your concerns known.

You can do this by contacting:

  • Leaders in your military chain of command
  • Your state’s government officials
  • The government agency responsible for regulating consumer lending in your state
  • The Member of Congress that represents your state

The contact info for government agencies and officials can be found at

We apologize if you are a “covered borrower” and are currently ineligible for our financial services. If we can be of further service to you in the future, please don’t hesitate to contact us.

We Do Not Offer Loans to Military Personnel and Dependents

Due to restrictions imposed by the Military Lending Act, Banner Finance / Commerce Finance Family of Companies does NOT grant loans to active duty military personnel, their spouses, or their dependents. We are sorry for any inconvenience that this may cause but the Federal Government requires us to follow these rules.

Thank you for your cooperation, and we hope to to serve you in the future.

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o Each and all of the Banner Finance / Commerce Finance Family of Companies RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND SERVICES AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet certain underwriting requirements. Not all borrowers receive the lowest rate. Your actual rate will depend on a variety of factors, including term of loan, a responsible financial history, and years of experience, income and other factors. Rates and Terms are subject to change at any time without notice and are subject to state and federal restrictions. All Loans Are Subject To Our Liberal Credit Policy.

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