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#1615252 - 10/13/11 03:36 PM Loan to Reservist
complygirl Offline
Platinum Poster
Joined: Oct 2004
Posts: 822
midwest
We are working on a loan to a military reservist, loan is for personal expenses (consumer purpose), bank is taking vehicle as collateral. Mother is co-signing the note. Are there any rules on terms, fees, etc. I need to be concerned with in making this loan to this reservist? Don't deal with this much, wanting to make sure all rules are being followed. Thanks.

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#1615497 - 10/13/11 06:28 PM Re: Loan to Reservist complygirl
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
SCRA protections do not kick in until the reservist is called to active duty.

I am also assuming the loan term is greater than 182 days therefore you do not need to worry about the JWNDAA requirements.
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The opinions expressed are mine and they are not to be taken as legal advice.

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