Sec. 13. Requirements for lending institutions that are creditors for obligations and liabilities covered by the Servicemembers Civil Relief Act
135 words·~1 min read·
/bill/113/hr/2481/rh/section-13·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 207 of the Servicemembers Civil Relief Act ( 50 U.S.C. App. 527 ) is amended— by redesignating subsections
(d)and
(e)as subsections
(e)and (f), respectively; and by inserting after subsection
(c)the following new subsection (d): Each lending institution subject to the requirements of this section shall designate an employee of the institution as a compliance officer who is responsible for ensuring the institution’s compliance with this section and for distributing information to servicemembers whose obligations and liabilities are covered by this section. During any fiscal year, a lending institution subject to the requirements of this section that had annual assets for the preceding fiscal year of $10,000,000,000 or more shall maintain a toll-free telephone number and shall make such telephone number available on the primary Internet website of the institution. .