What does Preamble of S 1550 do?

This bill proposes to amend Title 10 of the United States Code. The proposed amendment would integrate training on financial protections under the Servicemembers Civil Relief Act into specific financial literacy programs for members of the Armed Forces. The bill's purpose is to provide financial literacy training to members of the Armed Forces, specifically addressing protections under the Servicemembers Civil Relief Act.

What does SHORT TITLE. of S 1550 do?

This bill is formally titled the Improving SCRA Benefit Utilization Act of 2025.

What does FINANCIAL LITERACY TRAINING REGARDING THE SERVICEMEMBERS CIVIL of S 1550 do?

This section amends Section 992 of title 10, United States Code. It redesignates existing subparagraphs (D) and (E) of subsection (a)(1) as (E) and (F), respectively. A new subparagraph (D) is added to subsection (a)(1) to include consumer financial protections, specifically referencing interest rate limits under section 207 of the Servicemembers Civil Relief Act. Subsection (d)(1) is amended to include reference to knowledge and use of protections regarding interest rates under section 207 of the Servicemembers Civil Relief Act.

What does NOTIFICATION OF BENEFITS UNDER THE SERVICEMEMBERS CIVIL RELIEF of S 1550 do?

This section amends Section 105 of the Servicemembers Civil Relief Act. The amendment modifies the requirement for notification of benefits. Notification is now required when a person first enters military service. For reserve component members, notification is required upon entering reserve service and during any mobilization or active duty period exceeding 30 days.

What does FINANCIAL INSTITUTION OBLIGATION TO APPLY MAXIMUM RATE OF of S 1550 do?

This section amends Section 207(b) of the Servicemembers Civil Relief Act. The amendment modifies paragraph (2) to require creditors to treat debts in accordance with subsection (a) effective as of the date a servicemember is called to military service. The amendment adds a new subparagraph (B) to paragraph (2) requiring creditors to treat any other obligation or liability of the servicemember in accordance with subsection (a). A new paragraph (3) is added to Section 207(b), requiring creditors to provide mechanisms for servicemembers to submit documents related to interest rate limitations, including online, mail, or fax options.

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Improving SCRA Benefit Utilization Act of 2025 — S. 1550

Last updated: 5/1/2025 · Introduced: 5/1/2025

Author: Jon Ossoff (D-GA)

TL;DR (AI)

This bill integrates training on financial protections, including interest rate limits under the Servicemembers Civil Relief Act (SCRA), into financial literacy programs for service members.
The bill requires notification of SCRA benefits upon a service member's entry into military service, and for reserve component members, upon entering reserve service or during mobilizations exceeding 30 days.
Creditors are now required to apply maximum interest rates to servicemembers' debts from the date of military service and must provide accessible methods for servicemembers to submit documentation related to these limitations.

119th Congressin committeeOfficial page

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Includes provisions on preamble, short title., and 3 more.

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