To amend the Servicemembers Civil Relief Act to provide surviving spouses with certain protections relating to mortgages and mortgage foreclosures, and for other purposes.
About This Bill
Passed
Latest Action · October 12, 2011
Received in the Senate and Read twice and referred to the Committee on Veterans' Affairs.
Amends the Servicemembers Civil Relief Act to extend the protections against sale, foreclosure, and seizure of certain real or personal property that are applicable to servicemembers to their surviving spouses who are successors in interest to the property. Applies such protections with respect to service-connected deaths for a period of five years after enactment of this Act.
Requires each lending institution subject to specified requirements for a maximum 6% rate of interest on a servicemember's debts incurred before military service to designate one of its employees as a compliance officer responsible for: (1) ensuring the institution's compliance with such requirements, and (2) distributing information to servicemembers whose obligations and liabilities are covered by such requirements.
Requires such a lending institution that had annual assets for the preceding fiscal year of $10 billion or more to maintain a toll-free telephone number and make it available on its primary Internet website.
Extends from 9 months to 12 months after the end of military service the period of specified protections for servicemembers against mortgage foreclosures. Sunsets such extension on December 31, 2017.
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