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Consumer Protection - Financial Protections for Service Members

Financial Protections for Service Members Basics

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Recognizing the unique and significant challenges faced by military personnel and their families, legislators created the Servicemembers’ Civil Relief Act (SCRA). The SCRA provides specific protections to all Army, Air Force, Coast Guard, Marine Corps, and Navy service members on active duty, including reservists, members of the National Guard and Air National Guard who have been activated for duty, and active-service commissioned officers of the Public Health Service and National Oceanic and Atmospheric Administration. Many SCRA provisions also extend to spouses and other dependents.

Consumer Protections Available

Under the SCRA, you can reduce or cap interest rates to 6 percent per year for the period you remain on active duty on any credit card, mortgage, student loan (federally guaranteed or private), and other loans you or your spouse obtained before you entered active duty. Additional SCRA protections include:

Relief under the SCRA may not be automatic. Generally, you must affirmatively invoke, or request, protection. Therefore, it is important to familiarize yourself with the law’s provisions and work with your nearest Armed Forces Legal Assistance Office to identify and invoke any SCRA protections that apply to your particular circumstances.

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