Military Pawn Regulations
Regulations identify military personnel and their dependents as "covered borrowers" and that includes:
- Active duty of not less than 30 days
- Active guard and reserve
- Children up to age 21 (or 23 for college-enrolled children)
- Any family member dependent upon the military person for over 1/2 of their support including parents or parents-in-law living with the person
- Anyone under the person's legal custody
- Anyone dependent upon the person as defined by 12 USC 1072(2)(D) or (E). 32 CFR 232.3(g)(3).
General Provisions of MLA
- The annual percentage (Mapr) cannot exceed 36%.
- A mandatory loan disclosure is required.
- The borrower's protections cannot be waived.
- Arbitration is not allowed.
- The pawn shop cannot accept checks as payment.
- A prepayment penalThank you is not allowed.
- Vehicles cannot be pawned. (no title loans)
Checking for Military Status
Go to https://mla.dmdc.osd.mil/ and enter the person's last name, date of birth and SSN. Loans cannot be made to personnel who refuse to provide their SSNs.
In PPSS on the new-client screen clicking on the button named 'Military' will open the OSD site in a browser. For military, check the box and enter the DMDC Certificate ID.
In the 24k edition of the software a picture of any person can be taken and stored using a webcam.
Pawnbroker Pawn Shop Software costs significantly less than other pawn-software programs.
- Other programs charge a small fortune to get started.
- They require monthly or annual payments not only to continue to use the software but to receive support. The software stops working when payments stop.
- At least one vendor now requires a 3-year 'contract' to prevent those who become disillusioned after purchase (from higher and higher costs) to switch to another program.
- It will some effort to acquire and learn a software program so realize beforehand that this investment will also be a deterent to having to acquire and learn another program.
Payment for this software is once for life use. There is an ongoing software maintenance fee of $175/year starting in the 2nd year or the software is available for an additional one-time payment of $350.