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SCRA Coverage Expire for Servicemember

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When SCRA coverage is about to expire for a servicemember, what types of disclosures does the bank have to provide? Is there a model disclosure that needs to be used?

There are no model disclosures. As a word of caution, I wouldn't take action until the SCRA protections no longer apply if the trigger is discharge from the military. Wait until that happens and is verified. Charges and fees can always be backdated if desired.

In many cases, e.g. Reg Z loan disclosures, there are none required but it would be a courtesy to inform the SM of the new payment, when it is due, the balance, etc. Follow this same philosophy for other benefits that are ending, what is the balance, the payment, when is it due, who should they contact if they suspect an error or a problem, etc.

First published on 01/08/2017

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