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National Defense Authorization Act for FY 2007

Bill Number: HR-5122

Public Law Number: 109-364

Disposition: 2006-Jan-06
Enacted - Signed by the President

Once the president signs a bill, it becomes a law.

Full title...
An act to authorize appropriations for fiscal year 2006 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes.

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Bill Text (Reading difficulty: Hard)
Vote (House)
More Information

Sponsor & Key Contributors
Duncan D. Hunter

Other names for this bill...

The section of the bill known as the Military Lending Act is referred to by its acronym - MLA.

Bill Summary

This bill authorized spending on the military for fiscal year 2006.

Provisions referenced by News in FiVe are explained below.

Military Lending Act

This section of the bill - referred to as the Military Lending Act - protects members of the Armed Forces from predatory lending practices.

Among its protections....

o A lender cannot impose an interest rate greater than 36 percent

o The lending cannot impose a penalty for fee for early repayment of the loan.

o Loans that roll over or renew (such as payday loans) are prohibited.

o A lender cannot require that disputes be resolved through arbitration.

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