Summary

Updates military financial literacy training and the Servicemembers Civil Relief Act (SCRA) to give servicemembers and their families clearer notice of SCRA protections and to make it easier to get the SCRA interest-rate cap applied. Schools and financial counselors for service members must cover consumer protections (including the SCRA interest-rate limit). Creditors must apply the SCRA interest-rate limit when a servicemember is called to duty and must accept necessary documentation online, by mail, or by fax. Reserve members must be notified of SCRA benefits when they first enter reserve service and when mobilized for more than 30 days.

Key Points

• Requires military financial literacy training to include SCRA consumer protections and the SCRA interest-rate limit.
• Mandates that servicemembers be notified of SCRA benefits upon entering service.
• Requires reservists to be notified when they first enter reserve service and when mobilized over 30 days.
• Obligates creditors to apply the SCRA interest-rate cap when a servicemember is called to duty.
• Requires creditors to accept documentation needed to apply the interest-rate limit via online submission, mail, or fax.
• Adds new procedural text to existing law to implement training, notice, and creditor obligations.
• Does not create new spending programs or change tax policy.
• Strengthens practical access to SCRA protections for servicemembers and their dependents.