Credit Regulation - Maximum Interest Rate for Active Service Members (Service Members Civil Relief Act)

Summary

The bill bars creditors from charging more than a 6% simple annual interest rate on any loan or financing arrangement held by an active-duty service member, or jointly with the member’s spouse. Service members or their spouses must notify the creditor within 180 days after leaving active duty and provide military orders. Courts may waive the limit if the member’s service does not materially affect their ability to pay higher interest.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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