Rapid Tax, New Military Lending Act Discussed with H&R Block Tax Services Expert

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by rapidtax @ 2008-03-05 - 09:43:59

Orlando, FL (PRWE November 8, 2007 -- Ken Treat, Senior Vice President for Field Management at H&R Block, the world?s largest tax services (www.militarymoney.com/interviews) company, discusses the impact of new regulations that combat abusive lending practices targeted at military families in the latest ?Military Money Interview of the Week? at MilitaryMoney.com -- affecting such practices as payday cash loan services.

The law, commonly known as the Military Lending Act, affects payday cash loan (www.militarymoney.com/interviews) services, vehicle title loans and tax refund anticipation loans, and places specific requirements and limitations on loans to ?covered borrowers? ? that is, service members and their dependents.

?The lender is going to have to ask every person taking out a loan if they are a covered borrower,? said Treat, a former Marine Corps sergeant. ?It is very important for a member of the military to . . . answer the question that they are a covered buyer to avoid becoming a victim of predatory lending.?

The ?Military Money Interview of the Week? is a weekly webcast that brings important financial and lifestyle information and resources to U.S. military families, including tax services advice and information about payday cash loan services. To hear the complete interview with H&R Block?s Ken Treat, visit www.militarymoney.com/interviews.

About Military Money®:

Military Money is published by the InCharge® Education Foundation, Inc., in partnership with the National Military Family Association (NMFA). Military Money is part of the Department of Defense?s ?Financial Readiness Campaign,? created and distributed with the support of the Office of the Under Secretary of Defense for Military Community and Family Policy. For additional information, visit www.MilitaryMoney.com.

Contact info: Ed Koziol, 1 (888) 436-8765

Headquartered in Orlando, Florida, InCharge® Institute of America, Inc., is a national nonprofit organization specializing in personal finance education and credit counseling. The InCharge Institute organization includes InCharge® Education Foundation, which publishes YOUNG MONEY® magazine and Military Money® magazine and offers basic financial management education to clients and the general public, and InCharge® Debt Solutions, which provides professional credit counseling and education services. InCharge Debt Solutions is a member of the Association of Independent Consumer Credit Counseling Agencies (AICCCA). For additional information, visit www.InCharge.org.

About H&R Block:

H&R Block Inc. (NYSE: HR is a leading provider of tax, financial, mortgage, accounting and business consulting services and products. H&R Block is the world's largest tax services (www.hrblock.com) provider, having prepared more than 400 million tax returns since 1955. The company and its subsidiaries generated revenues of $4.9 billion and net income of $490 million in fiscal year 2006. The company operates in four principal business segments: Tax Services (income tax preparation and advice via in-office, online and software solutions); Mortgage Services (non-prime mortgage originations and loan servicing); Business Services (tax, accounting and consulting services for midsized businesses); and Consumer Financial Services (investment and financial advisory services, retail mortgage loans and banking services). Headquartered in Kansas City, Mo., H&R Block markets its services and products under three leading brands ? H&R Block, Option One and RSM McGladrey. For more information visit our Online Press Center at www.hrblock.com.

For more information on the new laws and how they affect the payday cash loan industry, contact Dave Santee at 1 (800) HRBLOCK

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