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 Pawnbroker Pawn Shop Software is made once for lifetime use. There are no monthly or annual payments for 'support'. There is the ongoing software maintenance fee of $175/year starting in the 2nd year or the software is available for an additional one-time payment of $295.