[Code of Federal Regulations]
[Title 32, Volume 2]
[Revised as of July 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 32CFR232.4]

[Page 504]
 
                       TITLE 32--NATIONAL DEFENSE
 
        CHAPTER I--OFFICE OF THE SECRETARY OF DEFENSE (CONTINUED)
 
PART 232_LIMITATIONS ON TERMS OF CONSUMER CREDIT EXTENDED TO SERVICE MEMBERS 
 
Sec. 232.4  Terms of consumer credit extended to covered borrowers.

    (a) Neither a creditor who extends consumer credit to a covered 
borrower nor an assignee of the creditor shall require the member or 
dependent to pay a military annual percentage rate (MAPR) with respect 
to such extension of credit, except as--
    (1) Agreed to under the terms of the credit agreement or promissory 
note;
    (2) Authorized by applicable State or Federal law; and
    (3) Not specifically prohibited by this part.
    (b) A creditor described in paragraph (a) of this section or an 
assignee may not impose an MAPR greater than 36 percent in connection 
with an extension of consumer credit to a covered borrower.