Military Family Debt Protection: Interest Rate Limits Extended to Dependents
The bill amends the Servicemembers Civil Relief Act to extend protections regarding the maximum rate of interest on debts to dependents of a servicemember. This applies to obligations incurred by these dependents before the servicemember entered military service. Documentation proving dependency status at the time the debt was incurred is required.
Key points
Maximum interest rate provisions now apply to debts incurred by a servicemember's dependents before the servicemember entered service.
Dependents must provide documentation of their dependency status (e.g., marriage or birth certificate) at the time the debt was incurred and continuing until the servicemember entered service.
The amendment replaces language that previously protected the servicemember and spouse jointly, broadening the scope to include dependents.
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