The MLA imposes an amount of restrictions and conditions on credit rating extended to covered borrowers

The MLA imposes an amount of restrictions and conditions on credit rating extended to covered borrowers

The MLA imposes lots of extra restrictions and conditions on credit rating extended to covered borrowers. These pertain to: (1) rolling over, renewing, repaying, refinancing, or consolidating credit extended towards the covered debtor by exactly the same creditor; (2) dispute resolution procedures; and (3) re payment conditions and terms.

DISCLOSURES

The creditor must provide the borrower with the following information before or at the time the borrower becomes obligated on the transaction or establishes an account for the consumer credit under the MLA, if a creditor extends consumer credit (including through the Internet) to a covered borrower

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