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#2088943 - 07/20/16 02:57 PM SCRA interest rate effective date
burke116 Offline
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Joined: Jun 2014
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Petersburg, VA
The way I'm understanding the SCRA interest rate reduction effective date is for reservists (and persons ordered to report for induction), the effective date is the date the servicemember receives their orders. For all others, it's the actual active duty date.

Am I understanding this correctly? And if so, is there a reason why there are different effective dates?
Last edited by burke116; 07/20/16 04:27 PM. Reason: clarify this topic is in regard to SCRA
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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#2090119 - 07/27/16 03:10 PM Re: SCRA interest rate effective date burke116
Andy_Z Offline
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You're on target. You can read my analysis here, https://www.bankersonline.com/forum/ubbthreads.php/topics/2089535/reservists#Post2089535 but as to why they're different, I can't say for certain.

There is a little gray area between being full time military and getting their orders. I've discussed this with a JAG lawyer some years ago and he felt anyone borrowing after they get their orders but before reporting for duty (full time status) would be abusing the system, but he agreed with my analysis. Thankfully that is rare, but my question was based on an actual case.
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#2090387 - 07/28/16 03:40 PM Re: SCRA interest rate effective date burke116
burke116 Offline
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Joined: Jun 2014
Posts: 568
Petersburg, VA
Awesome, thanks Andy

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