Sec. 1609. Oral notice sufficient to invoke interest rate cap
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Section 207(b) of the SCRA ( 50 U.S.C. 3937(b) ) is amended to read as follows: In order for an obligation or liability of a servicemember to be subject to the interest rate limitation in subsection (a), the servicemember shall provide to the creditor notice of military service and any further extension of military service. Any such notice may be oral or written. Any such notice shall be provided not later than 180 days after the date of the servicemember’s termination or release from military service.
The creditor shall retain a record of the servicemember’s notification. Upon receipt of notice of military service under paragraph (1), the creditor shall treat the debt in accordance with subsection (a), except that the creditor may, before treating the debt in accordance with subsection (a), first conduct a search of Department of Defense records available through the Department of Defense Manpower Data Center in order to confirm such military service. If the creditor is unable to confirm military service by such search, the creditor shall notify the servicemember and may require the servicemember to provide a copy of the servicemember’s military orders before treating the debt in accordance with subsection (a).
If military service is confirmed by such search or otherwise, the creditor shall treat the debt in accordance with subsection (a). When a creditor treats a debt of a servicemember in accordance with subsection (a), the treating of the debt in accordance with subsection
(a)shall be effective as of the date on which the servicemember is called to military service. .
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Sec. 1609
Oral notice sufficient to invoke interest rate cap
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