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#2194313 - 10/01/18 06:06 PM H.R. 5515 John McCain National Def Auth Act
Jan94 Offline
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H.R. 5515 John S. MCCain National Defense Authorization Acct for Fiscal Year 2019 was signed into law by the President on 8/13/18 and is now Pub. L. 115-232. In this, there is included Sec. 600 Proof of period of military service for purposes of interest rate limitation under the Servicemembers Civil Relief Act. This amends Section 207(b)(1) of the SCRA. I'm not finding anything where the SCRA has been updated to reflect this amendment. The DOJ's website does not mention it. However, it appears it is now part of the statute. There is no effective date to this section so I'm understanding that it was effective on the date the President signed the Act. Has anyone else seen other information about this amendment and whether there is a different effective date? Thank you!

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#2194328 - 10/01/18 06:53 PM Re: H.R. 5515 John McCain National Def Auth Act Jan94
John Burnett Offline
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Checking up on this for you.
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#2194342 - 10/01/18 07:40 PM Re: H.R. 5515 John McCain National Def Auth Act Jan94
John Burnett Offline
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Yes. I have confirmed that change. I just posted it to BankersOnline's Regulations page for section 207 of the SCRA (50 U.S.C. 3937). It was effective on August 13, the date that P. Law 115-232 was enacted.
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#2194362 - 10/01/18 08:45 PM Re: H.R. 5515 John McCain National Def Auth Act Jan94
Jan94 Offline
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Great, thank you very much for confirming.

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#2194662 - 10/04/18 01:47 PM Re: H.R. 5515 John McCain National Def Auth Act Jan94
Soccer Offline
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Utopia
Reading what was updated, am I correct it is saying that the FI can use the information from the website to reduce the rate?
If so, would your interpretation be that the search of the website should be conducted monthly, or quarterly?
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#2195276 - 10/11/18 08:51 PM Re: H.R. 5515 John McCain National Def Auth Act Jan94
ComplyGuy Offline
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What is the point of this amendment?

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#2195283 - 10/11/18 09:39 PM Re: H.R. 5515 John McCain National Def Auth Act Jan94
John Burnett Offline
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John Burnett
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If a servicemenber (SM) says she's going on active duty and wants to have the rate on her credit card account (past purchases) dropped to 6%, you can tell her to provide a copy of her orders to active duty. If she doesn't provide them, you can check out the website. If she's there with active duty status, you have to drop the rate and can't wait for the copy of orders. But if she's not there as active duty, you can ignore the SM's request unless she gets you that copy (or a letter from her CO confirming her status) no later than 180 days from the end of her active duty service.
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