S.Amdt. 4430
What it does: Adds SEC. 204. ENHANCEMENT OF PROTECTIONS FOR SERVICEMEMBERS RELATING TO MORTGAGES AND MORTGAGE FORECLOSURES at the end of title II
Sen. John F. Kerry (D-MA)What it changes
1 change to H.R. 3221 · shown in the bill's text
Adds SEC. 204. ENHANCEMENT OF PROTECTIONS FOR SERVICEMEMBERS RELATING TO MORTGAGES AND MORTGAGE FORECLOSURES at the end of title II
Adds a sectionIn H.R. 3221 · Placed on Calendar Senate
(2) Notification.--The Foundation shall notify the appropriate congressional committees not less than 15 days prior to an allocation or transfer of funds pursuant to paragraph (1).
Inserted: SEC. 204. ENHANCEMENT OF PROTECTIONS FOR SERVICEMEMBERS RELATING TO MORTGAGES AND MORTGAGE FORECLOSURES.
Inserted: (a) Treatment of Mortgages as Obligations Subject to Interest Rate Limitation.--Section 207 of the Servicemembers Civil Relief Act (50 U.S.C. App. 527) is amended--
Inserted: (1) in subsection (a)(1), by striking "in excess of 6 percent" the second place it appears and all that follows and inserting "in excess of 6 percent--
Inserted: "(A) during the period of military service and one year thereafter, in the case of an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage; or
Inserted: "(B) during the period of military service, in the case of any other obligation or liability."; and
Inserted: (2) by striking subsection (d) and inserting the following new subsection:
Inserted: "(d) Definitions.--In this section:
Inserted: "(1) Interest.--The term 'interest' includes service charges, renewal charges, fees, or any other charges (except bona fide insurance) with respect to an obligation or liability.
Inserted: "(2) Obligation or liability.--The term 'obligation or liability' includes an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage.".
Inserted: (b) Extension of Period of Protections Against Mortgage Foreclosures.--
Inserted: (1) Extension of protection period.--Subsection (c) of section 303 of the Servicemembers Civil Relief Act (50 U.S.C. App. 533) is amended by striking "90 days" and inserting "one year".
Inserted: (2) Extension of stay of proceedings period.--Subsection (b) of such section is amended by striking "90 days" and inserting "one year".
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Inserted: (c) Effective Date.--The amendments made by this section shall take effect on the date of the enactment of this Act.
Original wording
At the end of title II, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 4430. Mr. KERRY submitted an amendment intended to be proposed by him to the bill H.R. 3221, moving the United States toward greater energy independence and security, developing innovative new technologies, reducing carbon emissions, creating green jobs, protecting consumers, increasing clean renewable energy production, and modernizing our energy infrastructure, and to amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation, as follows:
At the end of title II, add the following:
SEC. 204. ENHANCEMENT OF PROTECTIONS FOR SERVICEMEMBERS RELATING TO MORTGAGES AND MORTGAGE FORECLOSURES.
(a) Treatment of Mortgages as Obligations Subject to Interest Rate Limitation.--Section 207 of the Servicemembers Civil Relief Act (50 U.S.C. App. 527) is amended--
(1) in subsection (a)(1), by striking “in excess of 6 percent” the second place it appears and all that follows and inserting “in excess of 6 percent--
“(A) during the period of military service and one year thereafter, in the case of an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage; or
“(B) during the period of military service, in the case of any other obligation or liability.”; and
(2) by striking subsection (d) and inserting the following new subsection:
“(d) Definitions.--In this section:
“(1) Interest.--The term ‘interest' includes service charges, renewal charges, fees, or any other charges (except bona fide insurance) with respect to an obligation or liability.
“(2) Obligation or liability.--The term ‘obligation or liability' includes an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage.”.
(b) Extension of Period of Protections Against Mortgage Foreclosures.--
(1) Extension of protection period.--Subsection (c) of section 303 of the Servicemembers Civil Relief Act (50 U.S.C. App. 533) is amended by striking “90 days” and inserting “one year”.
(2) Extension of stay of proceedings period.--Subsection (b) of such section is amended by striking “90 days” and inserting “one year”.
(c) Effective Date.--The amendments made by this section shall take effect on the date of the enactment of this Act.
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Senate amendment submitted
April 4, 2008