Military Family Protection from Debt Act: Interest Rate Limits for Dependents.
This bill amends the Servicemembers Civil Relief Act to extend the maximum rate of interest protections for debts incurred before military service to dependents of servicemembers. To qualify, dependents must provide documentation, such as a marriage or birth certificate, indicating their dependency status at the time the debt was incurred and continuing until the servicemember entered military service.
Key points
Dependents of servicemembers are now included in protections regarding the maximum rate of interest on debts incurred before military service.
Dependents must provide documentation proving their status at the time the debt was incurred and when the servicemember entered service.
Acceptable documentation includes marriage certificates, birth certificates, or other appropriate indicators of dependency.
Status:
Expired
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