Sec. 203. Oral notice sufficient to invoke interest rate cap
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Paragraphs
(1)and
(2)of section 207(b) of the Servicemembers Civil Relief Act ( 50 U.S.C. 3937(b) ) are 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 oral or written notice of military service and any further extension of military service, 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 oral or written notification. Upon receipt of oral or written notice of military service, the creditor shall conduct a search of Department of Defense records available through the Department of Defense Manpower Data Center. If military service is confirmed by a search under subparagraph (A), the creditor shall treat the debt in accordance with subsection (a), effective as of the date on which the servicemember is called to military service. If a search of Department of Defense records under subparagraph
(A)does not confirm military service, 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), effective as of the date on which the servicemember is called to military service. .
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Sec. 203
Oral notice sufficient to invoke interest rate cap
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