Posted By: SpiralArray
State versions of SCRA - 05/15/19 06:26 PM
We’re finding ourselves in some interesting situations with the SCRA … not the federal version of it, but the state versions. We have confirmed with the OCC and internal counsel that there is no preemption for the SCRA, and we find ourselves sometimes being surprised by states which have adopted very liberal protections for service members …
Often times these interest rate provisions do not reside within the state versions of the SCRA but are instead located in other statutes regarding general limitations on interest charged by creditors. (example Ohio 1343.031, Louisiana 29:312). It’s only when an informed service member directs our attention to a specific statute that we become aware of it, and that’s often after we have already denied protections.
We have access to a state list which outlines specific SCRA items (https://www.servicememberscivilreliefact.com/blog/scra-state-laws/) but reliance on this list has not identified the Ohio and LA statutes we recently learned about. We need more information.
If any BOL'ers live in a state like Ohio or LA which has exceptionally broad protections for service members, would you be willing to post that information?
Often times these interest rate provisions do not reside within the state versions of the SCRA but are instead located in other statutes regarding general limitations on interest charged by creditors. (example Ohio 1343.031, Louisiana 29:312). It’s only when an informed service member directs our attention to a specific statute that we become aware of it, and that’s often after we have already denied protections.
We have access to a state list which outlines specific SCRA items (https://www.servicememberscivilreliefact.com/blog/scra-state-laws/) but reliance on this list has not identified the Ohio and LA statutes we recently learned about. We need more information.
If any BOL'ers live in a state like Ohio or LA which has exceptionally broad protections for service members, would you be willing to post that information?