; or (2) ISA funders as debt collectors. 505. Application of the Military Lending Act Section 987 of title 10, United States Code, is amended— (1) by redesignating subsection (i) as subsection (j); and (2) by inserting after subsection (h) the following new subsection: (i) Treatment of Qualified ISAs and income-Share agreements The Secretary of Defense shall issue regulations to apply this section to Qualified ISAs and income-share agreements (as those terms are defined in section 2 of the ISA Student Protection Act of 2019 ), and a Qualified ISA and an income-share agreement shall be deemed to meet the annual percentage rate of interest limitation under subsection (b) if the Qualified ISA or income-share agreement, as applicable, would meet the requirements of section 102(a)(6) of such Act (related to appropriate risk sharing) but with reference to the rate specified in subsection (b). . 506. Application of the Servicemembers Civil Relief Act Section 207 of the Servicemembers Civil Relief Act ( 50 U.S.C. 3937 ) is amended by adding at the end the following: (f) Treatment of Qualified ISAs and income-Share agreements The Secretary of Defense shall issue regulations to apply this section to Qualified ISAs and income-share agreements (as those terms are defined in section 2 of the ISA Student Protection Act of 2019 ), specifically by stating that a Qualified ISA and an income-share agreement shall be considered to have met the requirements of this section if the Qualified ISA or income-share agreement, as applicable, would meet the requirements of section 102(a)(6) of such Act (relating to appropriate risk sharing) but with reference to the rate specified in subsection (a)(1). . 507. Rulemaking Not later than 180 days after the date of enactment of this Act— (1) the Director of the Bureau of Consumer Financial Protection, in consultation with such other agency heads as the Director considers appropriate, shall issue regulations to carry out the amendments made by sections 501, 502, and 503