Servicemembers Civil Relief Act: A Compliance Guide

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The Servicemembers Civil Relief Act (SCRA) of 2003 was enacted to “restate, clarify, and revise the Soldiers’ and Sailors’ Civil Relief Act of 1940,” and “help ease the economic and legal burdens on military personnel called to active duty status in Operation Iraqi Freedom.”

Servicemembers Civil Relief Act: A Compliance Guide incorporates these recent changes to the law. It is designed to make credit union managers, operations staff, lending officers, compliance personnel and attorneys aware of the relevant provisions of the revised act and help them understand what is required of their credit union to be in compliance.

The guide also includes sections on provisions of two other important statutes for credit unions: the Truth-in-Lending Act (TILA), which contains disclosure requirements triggered by the SCRA, and the Uniformed Services Employment and Reemployment Rights Act (USERRA), which is important for all credit unions that employ individuals who return from active duty and desire their former positions.

The guide includes SCRA clarification on:

• Extending the act’s protections to National Guard units
• Servicemember’s obligations to provide the credit union with a written “notice to creditor” and a copy of the military orders
• Prior joint obligations between the servicemember and his/her spouse
• Requirements for the credit union to forgive interest in excess of 6% that would have been incurred by the member if no SCRA rate cap was in effect
• Reduction in the monthly payment amount on pre-service obligations
• The term "dependent"
• Allowing the termination of automobile leases
• Extending the right to terminate real property leases to active duty soldiers
• Extending servicemember’s right to stay (i.e., suspend) court hearings and administrative hearings
• Prohibiting personal property repossession without a specific court order
• Requirements to file an affidavit showing that the defendant is not in military service before obtaining a default judgment

This book is currently being revised. Place your order now to receive the revised version in Fall 2009.