The complaint alleges since 2016, LendUp made 4,100 loans to MLA-covered borrowers with Military Annual Percentage Rates (MAPRs) greater than 36%. In addition, in violation of the MLA, LendUp required borrowers to sign loan agreements containing arbitration clauses in the case of a dispute. Finally, LendUp failed to provide MLA loan disclosures to borrowers before or at the time the borrower became obligated on the loan. The complaint itself is not a ruling that LendUp violated the MLA.
For more information on the MLA compliance requirements, please contact one of Doeren Mayhew’s regulatory compliance specialists.
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