(Washington, DC) – On Monday, Senator Richard Blumenthal (D-CT) introduced legislation to affirm the existing rights of service members to hold predatory lenders accountable if they fall victim to abusive lending practices. The Military Lending Act of 2007 bans a variety of unfair lending practices for borrowers who are service members. Blumenthal’s legislation, S. 3207, clarifies the statute to affirm that service members may pursue civil relief for damages they incur.
“Our country’s bravest men and women must be guaranteed the strongest protections if they are victimized by unfair lending practices. I am pleased to introduce this legislation, allowing service members to take action against predatory lenders, and regain losses that resulted from these unfair lending practices,” Blumenthal said.
“Senator Blumenthal’s bill would significantly strengthen the protections afforded in the Military Lending Act by holding unscrupulous lenders accountable and allowing service members and their families relief through civil actions,” Vice Admiral Norbert Ryan USN-Ret., President of the Military Officers Association of America (MOAA).
A link to the bill text can be found here: http://www.blumenthal.senate.gov/download/s-3207