SCRA Protection – spouse obligations not joint with servicemember

Compliance > Lending > Service Members > SCRA
Q: What if the service member’s spouse has a loan that is not a joint obligation?
 
A:  Under section 527 of the SCRA, the maximum rate of interest on debts incurred before military service benefits applies only to loans incurred by a service member alone or by the service member and the service member’s spouse jointly. SCRA protections do not extend to individual obligations of the spouses of service members.
 
 
ADDITIONAL INFORMATION – This Q&A was released by the Federal Reserve Board, in follow up to their Servicemember Financial Protection Webinar that was presented on September 10, 2012 - https://www.consumercomplianceoutlook.org/2013/first-quarter/servicemember-financial-protection-webinar/
 

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