Eligibility for SCRA rate cap

Answered by:

Question:

A soldier’s mother called to tell us her son joined the Army. Do we have to reduce the loan rate that day?

Answer:

There are documents you can require for proof of protected status under the SCRA such as a copy of the orders for that person. But through enforcement actions we are finding that “best practices” include making the change and getting verification using the DMDC database.

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