What duties and restrictions must a licensee comply with when making loans to military borrowers?
(1) For purposes of this section, “military borrower” means any active duty member of the armed forces of the United States, or any member of the National Guard or the reserves of the armed forces of the United States who has been called to active duty. (2) A licensee must: (a) Comply with the restrictions on loans to military borrowers and their dependents as required by Section 670 of the John Warner National Defense Authorization Act for Fiscal Year 2007 and 32 C.F.R. Part 232, as amended. (b) Honor the terms of any repayment agreement, including any repayment agreement negotiated through military counselors or third party credit counselors. (c) Defer all collection activity against a military borrower who has been deployed to a combat or combat support posting, for the duration of the posting. (3) A licensee must not: (a) Garnish any wages or salary paid to a military borrower for service in the armed forces when collecting any delinquent small loan. (b) Contact a military borrower
