120 STAT. 2268
PUBLIC LAW 109–364—OCT. 17, 2006
was a covered member or dependent of that member when the agreement was made. ‘‘(g) SERVICEMEMBERS CIVIL RELIEF ACT PROTECTIONS UNAFFECTED.—Nothing in this section may be construed to limit or otherwise affect the applicability of section 207 of the Servicemembers Civil Relief Act (50 U.S.C. App. 527). ‘‘(h) REGULATIONS.—(1) The Secretary of Defense shall prescribe regulations to carry out this section. ‘‘(2) Such regulations shall establish the following: ‘‘(A) Disclosures required of any creditor that extends consumer credit to a covered member or dependent of such a member. ‘‘(B) The method for calculating the applicable annual percentage rate of interest on such obligations, in accordance with the limit established under this section. ‘‘(C) A maximum allowable amount of all fees, and the types of fees, associated with any such extension of credit, to be expressed and disclosed to the borrower as a total amount and as a percentage of the principal amount of the obligation, at the time at which the transaction is entered into. ‘‘(D) Definitions of ‘creditor’ under paragraph (5) and ‘consumer credit’ under paragraph (6) of subsection (i), consistent with the provisions of this section. ‘‘(E) Such other criteria or limitations as the Secretary of Defense determines appropriate, consistent with the provisions of this section. ‘‘(3) In prescribing regulations under this subsection, the Secretary of Defense shall consult with the following: ‘‘(A) The Federal Trade Commission. ‘‘(B) The Board of Governors of the Federal Reserve System. ‘‘(C) The Office of the Comptroller of the Currency. ‘‘(D) The Federal Deposit Insurance Corporation. ‘‘(E) The Office of Thrift Supervision. ‘‘(F) The National Credit Union Administration. ‘‘(G) The Treasury Department. ‘‘(i) DEFINITIONS.—In this section: ‘‘(1) COVERED MEMBER.—The term ‘covered member’ means a member of the armed forces who is— ‘‘(A) on active duty under a call or order that does not specify a period of 30 days or less; or ‘‘(B) on active Guard and Reserve Duty. ‘‘(2) DEPENDENT.—The term ‘dependent’, with respect to a covered member, means— ‘‘(A) the member’s spouse; ‘‘(B) the member’s child (as defined in section 101(4) of title 38); or ‘‘(C) an individual for whom the member provided more than one-half of the individual’s support for 180 days immediately preceding an extension of consumer credit covered by this section. ‘‘(3) INTEREST.—The term ‘interest’ includes all cost elements associated with the extension of credit, including fees, service charges, renewal charges, credit insurance premiums, any ancillary product sold with any extension of credit to a servicemember or the servicemember’s dependent, as applicable, and any other charge or premium with respect to the extension of consumer credit.
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