Update: Federal Rate Cap Legislation

NPA’s Government Relations Committee (Team GRC) just received information that the federal rate cap legislation we were originally advised would be in next week’s mark-up of bills coming before the House Financial Services Committee has been removed from the list along with a few others. However, it is expected to be included in the next […]

Update: Federal Rate Cap Legislation

November 8, 2019 NPA’s Government Relations Committee just received information that the federal rate cap legislation we were originally advised would be in next week’s mark-up of bills coming before the House Financial Services Committee has been removed from the list along with a few others. However, it is expected to be included in the […]

MEMBER ALERT! FEDERAL RATE CAP LEGISLATION: November 6, 2019

NPA’s Government Relations Committee has learned of language being drafted on Capitol Hill that would apply the Military Lending Act (MLA) 36% Annual Percentage Rate Cap to all consumers just as if they were a “covered borrower” active duty member of the military, spouse or dependent(s). The draft we have seen thus far includes all […]

DMDC WEBSITE WILL REQUIRE A ‘USER ACCOUNT’ FOR MLA CHECK ACCESS

The May 31, 2019 News and Alerts of ‘Upcoming Changes to MLA’ on the front page of the DMDC website states: “Around June 27, 2019, DMDC will make significant changes to the Military Lending Act (MLA) website (https://mla.dmdc.osd.mil) to enhance security of the site and better protect the personal information of Service members. All users […]

This San Diego Pawnshop Knows What Matters Most, And It’s Not What You Think

By Sharon Rapoport Ever since Christian T. moved to the neighborhood, he had driven past the San Diego pawn shop countless times. He had even visited. However, he never thought of asking about the unique object he had pawned years ago. Since he was not able to retrieve it at the time, he figured it […]

Frequently Asked Questions about the Defense Department’s Military Lending Act Regulations

The following is intended to help pawnbrokers prepare for the October 3, 2016 mandatory compliance date for the expanded Military Lending Act (MLA) regulations. This information is not intended as, and should not be used as, a substitute for guidance from your local lawyer.

Form 8300 Penalties Increase Effective Immediately

Trades and businesses that receive more than $10,000 cash for their business transactions must report these payments to the Internal Revenue Service (IRS) within 15 days of the transaction using Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.