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Enhanced Financial Protection for Servicemembers and Families

New rules aim to better inform servicemembers about their financial rights and make it easier to use benefits, especially regarding interest rates on debts. These changes will help protect the personal finances of servicemembers and their families, particularly during challenging periods of military service.
Key points
More financial training for servicemembers: Educational programs will now include detailed information on financial protections, including interest rate limits on debts.
Improved notification of rights: Servicemembers will receive information about their financial rights upon entering service and when called to active duty for more than 30 days.
Easier interest rate reduction: Creditors must automatically apply reduced interest rates to all of a servicemember's debts, not just those specifically mentioned. They must also provide easy ways to submit documents (online, mail, fax).
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Additional Information
Print number: 118_HR_6920
Sponsor: Rep. Cartwright, Matt [D-PA-8]
Process start date: 2024-01-09
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Improving SCRA Benefit Utilization Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_6920.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-01-09.

What are the main provisions?

Key points include:

  • More financial training for servicemembers: Educational programs will now include detailed information on financial protections, including interest rate limits on debts.
  • Improved notification of rights: Servicemembers will receive information about their financial rights upon entering service and when called to active duty for more than 30 days.
  • Easier interest rate reduction: Creditors must automatically apply reduced interest rates to all of a servicemember's debts, not just those specifically mentioned. They must also provide easy ways to submit documents (online, mail, fax).
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Cartwright, Matt [D-PA-8].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Economic Opportunity.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Benefits Security