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 held by an active-duty service member or jointly with the member’s spouse. It requires the service member or spouse to give the creditor written notice and military orders within 180 days after leaving active duty. A court may waive the limit if it finds the member’s ability to pay isn’t materially affected by the duty assignment.

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

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