Skip to content
BOL Conferences
Thread Options
#467197 - 12/07/05 06:24 PM SCRA--Notification to Creditor from Servicemember
MikeD Offline
Junior Member
Joined: Jul 2004
Posts: 30
Los Angeles
I have been unable to find anything in the Act that definitively says the servicemeber must give notice to the creditor in regards to installment contracts (or anything else, actually). I find this particularly troublesome in that I have read in several places that notification is required to have any rights under the Act. Does anyone have any specific information regarding this?

Return to Top
Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#467198 - 12/07/05 06:49 PM Re: SCRA--Notification to Creditor from Servicemember
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#467199 - 12/07/05 07:16 PM Re: SCRA--Notification to Creditor from Servicemember
MikeD Offline
Junior Member
Joined: Jul 2004
Posts: 30
Los Angeles
Yes, that goes to the 6% cap (I knew about that part and forgot). But what if someone is silly enough to repossess a car, not having been notified by his customer as to active duty status? The Act doesn't seem to mention notification other than as regards the 6% rule, and one might argue that if Congress meant the notification to be an overall rule, they would have put that in the overall rules, not just in the 6% rule.

Return to Top
#467200 - 12/08/05 02:49 AM Re: SCRA--Notification to Creditor from Servicemember
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,750
On the Net
Sec. 302. PROTECTION UNDER INSTALLMENT CONTRACTS FOR PURCHASE OR LEASE. (a) PROTECTION UPON BREACH OF CONTRACT- (1) PROTECTION AFTER ENTERING MILITARY SERVICE- After a servicemember enters military service, a contract by the servicemember for-- (A) the purchase of real or personal property (including a motor vehicle); or (B) the lease or bailment of such property, may not be rescinded or terminated for a breach of terms of the contract occurring before or during that person's military service, nor may the property be repossessed for such breach without a court order.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top

Moderator:  Andy_Z