To require lenders to include information regarding the mortgage and foreclosure rights of servicemembers under the Servicemembers Civil Relief Act.

1. Adds SEC. 653. SERVICEMEMBERS RIGHTS UNDER THE HOUSING AND URBAN DEVELOPMENT ACT OF 1968 at the end of subtitle E of title VI

   Adds a section

   In S. 1042 · Placed on Calendar Senate

   (ii) would assist such members in establishing habits of financial responsibility during their initial enlistments in the Armed Forces.

   Inserted: SEC. 653. SERVICEMEMBERS RIGHTS UNDER THE HOUSING AND URBAN DEVELOPMENT ACT OF 1968.

   Inserted: (a) In General.--Section 106(c)(5)(A)(ii) of the Housing and Urban Development Act of 1968 (12 U.S.C. 1701x(c)(5)(A)(ii)) is amended--

   Inserted: (1) in subclause (II), by striking "; and" and inserting a semicolon;

   Inserted: (2) in subclause (III), by striking the period and inserting "; and"; and

   Inserted: (3) by adding at the end the following:

   Inserted: "(IV) notify the homeowner by a statement or notice, written in plain English by the Secretary of Housing and Urban Development, in consultation with the Secretary of Defense and the Secretary of the Treasury, explaining the mortgage and foreclosure rights of servicemembers, and the dependents of such servicemembers, under the Servicemembers Civil Relief Act (50 U.S.C. App. 501 et seq.), including the toll-free military one source number to call if servicemembers, or the dependents of such servicemembers, require further assistance.".

   Inserted: (b) No Effect on Other Laws.--Nothing in this section shall relieve any person of any obligation imposed by any other Federal, State, or local law.

   Inserted: (c) Disclosure Form.--Not later than 150 days after the date of enactment of this Act, the Secretary of Housing and Urban Development shall issue a final disclosure form to fulfill the requirement of section 106(c)(5)(A)(ii)(IV) of the Housing and Urban Development Act of 1968 (12 U.S.C. 1701x(c)(5)(A)(ii)).

   Inserted: (d) Effective Date.--The amendments made under subsection (a) shall take effect 150 days after the date of enactment of this Act.

   Original wording

   At the end of subtitle E of title VI, add the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed