To amend title 10, United States Code, to include training regarding financial protections under the Servicemembers Civil Relief Act in certain financial literacy training programs for members of the Armed Forces, and for other purposes.
About This Bill
Committee
Latest Action · April 10, 2024
Read twice and referred to the Committee on Armed Services.
This bill amends federal law to strengthen financial protections for active duty and reserve military members under the Servicemembers Civil Relief Act (SCRA). The legislation requires the military to include training on SCRA financial protections—particularly interest rate caps—in its financial literacy programs for service members. It also mandates that service members be notified of their SCRA benefits when they first enter military service and again when reserves are called to active duty for more than 30 days. Additionally, the bill requires creditors to automatically apply the SCRA's maximum interest rate limit to all debts a service member had before entering military service, not just those specifically mentioned in notices, and creditors must provide multiple ways for service members to submit required documents online, by mail, or by fax. The bill does not specify dedicated funding or implementation timelines, but it directly affects active duty personnel, reserve members, and creditors who lend to military service members.
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