New Bill Limits Bank Products
to Military Personnel

Final regulations have been issued by the Department of Defense pertaining to loans made to members of the military and their dependents. 
Effective October 1st, 2007, the annual percentage rate (APR) for loans made to all active duty members of the military is capped at 36%.  The rules also include their covered dependents (spouse, children under 18, and/or an individual for whom the member provided more than one-half of their financial support for 180 days).

The calculation of the APR includes most fees charged by the bank, including  setup fees for deposit accounts. 
As of press time, it was still unclear if any banks would offer programs to military personnel to allow them to participate in any Refund Loan programs. 
Visit Drakesoftware.com for the latest on this issue. For the complete regulations, visit http://www.gpoaccess.gov/nara/index.html.

From October 2007

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