Military Lending Act (MLA)
Free Trial From Equifax
ProMax and Equifax have partnered to ensure you stay compliant with the new MLA Final Rule which states it is the financial institution's responsibility to confirm an applicant's MLA Covered Borrower Status in accordance with the changes made to the Military Lending Act of 2016.
ProMax automatically checks your buyer's MLA Covered Borrower's Status from the Department of Defense's database and simultaneously pulls an Equifax credit bureau.
Key Benefits:
- Help ensure safe harbor compliance with the expanded MLA requirements effective October 3, 2016
- Save time and resources with an automatic status check in ProMax prior to origination or closing
- Maintain safe harbor and help avoid penalties or uncollectable loans associated with MLA non-compliance
All current customers of ProMax and Equifax are automatically activated and covered starting March 6, 2018. After a 2-week free trial, the cost will only be $.10 per check. If you have another solution in place, or would prefer to manually check via the DOD website, simply call us at 563-344-7605 or email us at [email protected].
LAW® Contract Laser Forms
Now Available in ProMax
The Reynolds & Reynolds LAW® 553 Retail Installment Sale Contract (commonly known as the "LAW Contract") is now available in ProMax for printing as a laser form. Legally sufficient in all 50 states, the LAW Contract form in ProMax will increase the speed and efficiency of your deal process and deliver perfectly aligned forms every time. This is the first of many laser forms that we will be licensing in the near future.
For more information about how the LAW® Contract form in ProMax can help your dealership, or to get activated today, contact your Dealer Support Specialist at 844-322-9034.
Other Changes & Fixes in This Version
- We added a separate "Clear Filter" button to the Salesperson Inventory Report. [Item 441120]
- We fixed an issue with the BDC & Sales Management Report that was preventing certain Lead Source groupings from saving. [Item 425692]
- We updated incentives for lease deals so they would be pre-selected where appropriate even without a retail dollar value. [Item 437631]
- We fixed a display issue with the Lead Management & Results Report. [Item 425768]
Comments