II
110th CONGRESS
2d Session
S. 2764
IN THE SENATE OF THE UNITED STATES
March 13, 2008
Mr. Kerry introduced the following bill; which was read twice and referred to the Committee on Armed Services
April 3, 2008
Committee discharged; referred to the Committee on Veterans' Affairs
A BILL
To amend the Servicemembers Civil Relief Act to enhance protections for servicemembers relating to mortgages and mortgage foreclosures, and for other purposes
Enhancement of protections for servicemembers relating to mortgages and mortgage foreclosures
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—
in subsection
(a)(1), by striking in excess of 6 percent
and all that follows
and inserting “in excess of 6 percent—
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
during the period of military service, in the case of any other obligation or liability.
; and
by striking subsection (d) and inserting the following new subsection:
Definitions
In this section:
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.
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.
.
Extension of period of protections against mortgage foreclosures
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
.
Extension of stay of proceedings period
Subsection (b) of such section is
amended by striking 90 days
and inserting one
year
.
Effective date
The amendments made by this section shall take effect on the date of the enactment of this Act.