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SCRA for Commercial Loans w/Multiple Participants?

Answered by: 
Randy Carey

Question: 
Does the SCRA apply for commercial loans that are reportable to HMDA and have more than 2 participants as the owners? if yes, to whom applies?
Answer: 

Being a commercial loan or HMDA reportable has nothing to do with the SCRA. If a servicemember is liable on the transaction, the applicable prohibitions set forth in the SCRA are applicable to the transaction, regardless of the number of borrowers.

First published on 12/24/2017

Filed under: 
Compliance
Filed under compliance as: 
Service Member’s Civil Relief Act

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