Quandis Military Lending Act Search

Short term loans are subject to the Military Lending Act. Failure to comply with the MLA guidelines is a big deal, the penalties for violations are severe. Civil penalties include:

  • ​h​aving the loan declared void from inception
  • ​​$500 per violation in actual damages,
  • punitive damages,
  • court costs, and attorney’s fees.

In addition, private rights of action are allowed, which could expose your credit union to class action litigation.

Quandis​’​ Military Lending Act Search provides the most comprehensive search of the Department of Defense database. Our proprietary name permutation technology ensures that you don’t miss a covered borrower simply because you have an improperly formatted name.

Features include:

  • safe harbor
  • easily integrate into your automated underwriting engine, or
  • simply upload a spreadsheet of borrowers, and download a results spreadsheet
  • provide you with the audit trail needed​ in case of an audit

This will be the least expensive tool in your risk management tool box usually costing only pennies a search.

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