SCRA and the Interest Rate Reduction Requirement - Andy Zavoina

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SCRA and the Interest Rate Reduction Requirement
Answer by Andy Zavoina, BOL Guru
Guru BIOS

Question: I have been reading the Servicemembers Civil Relief Act and I am confused about when the reduction in the interest rate should take place and who should initiate it. If the financial institution is aware of a member's active status after the loan commitment, should it automatically reduce the rate, or should the institution wait for the member to contact the institution?

Answer: This special SCRA video presentation has a summary you'll find helpful. It explains when the reduction should take place and how it is initiated. Once it loads, you have the option of skipping to precisely the point in the video and slides that you need, using the menu on the bottom left.

First published on BankersOnline.com 10/18/04

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