Mandatory Disclosures as Part of Limitations on Terms of Consumer Credit Extended to Service Members and Dependents

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
179501	Mandatory Disclosures as Part of Limitations on Terms of Consumer Credit Extended to Service Members and Dependents	Modified

ICR Details

OMB Control No: 0704-0444	ICR Reference No: 201408-0704-001
Status: Historical Inactive	Previous ICR Reference No: 200710-0704-001
Agency/Subagency: DOD/DODDEP	Agency Tracking No:
Title: Mandatory Disclosures as Part of Limitations on Terms of Consumer Credit Extended to Service Members and Dependents
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 09/23/2014
	Date Received in OIRA: 08/15/2014
Terms of Clearance: This collection needs to be re-submitted on or before the final rule is submitted for OMB review.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: 10 USC 987, paragraph (c)(1) requires new disclosures not currently covered by the Truth in Lending Act (TILA). Specifically, the creditor must disclose: the Military Annual Percentage Rate (MAPR) applicable to the extension of consumer credit, and the total dollar amount of all charges included in the MAPR. Additionally, disclosures must be made both in writing and orally.

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Authorizing Statute(s): US Code: 10 USC 987 Name of Law: null
  

Citations for New Statutory Requirements: US Code: 10 USC 987 Name of Law: null

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
0790-AJ10	Proposed rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Mandatory Disclosures as Part of Limitations on Terms of Consumer Credit Extended to Service Members and Dependents

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Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Changes to the disclosure of the MAPR reduce the burden on the respondents; however, changes to the definition of consumer credit significantly increase the number of respondents, consequently, increasing the overall burden anticipated by the changes in the proposed revision of the regulation.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 08/15/2014

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