S. 1399Senate113th Congress (2013-2015)In Committee

A bill to amend the Servicemembers Civil Relief Act to extend the interest rate limitation on debt entered into during military service to debt incurred during military service to consolidate or refinance student loans incurred before military service.

Introduced July 30, 2013

Legislative Activity

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3 earlier actions
SenateCommittee Latest Action

Committee on Veterans' Affairs. Hearings held. Hearings printed: S.Hrg. 113-280.

October 30, 2013

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SenateIntro Referral

Introduced in Senate

July 30, 2013

SenateIntro Referral

Read twice and referred to the Committee on Veterans' Affairs. (text of measure as introduced in Senate: CR S6077)

July 30, 2013

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S6104)

July 31, 2013

SenateCommittee

Committee on Veterans' Affairs. Hearings held. Hearings printed: S.Hrg. 113-280.

October 30, 2013

Floor Debate

6 members

What members said about S. 1399 on the floor

5 Democrats1 Independent
Tom Harkin
Sen. Tom HarkinD-IA · Jul 30, 2013

Mr. President, today I join with my senior colleague from Iowa, Senator Grassley, and with the distinguished chair of the Judiciary Committee, Senator Leahy, in reintroducing the Protecting Older…

Jack Reed
Sen. Jack ReedD-RI · Jul 30, 2013

Mr. President, I am proud to be once again reintroducing the Housing Assistance for Veterans Act, HAVEN Act, with my colleague, Senator Johanns. Last year, we joined forces to successfully pass this…

Angus S. King Jr.
Sen. Angus S. King Jr.I-ME · Jul 30, 2013

Mr. President, I would like to offer a few words on a bill that I am introducing today with my colleague and friend, Senator Roy Blunt of Missouri. Upon my arrival to the Senate, Senator Blunt and I…

Carl Levin
Sen. Carl LevinD-MI · Jul 30, 2013

Mr. President, I am introducing today, with my colleagues Senators Durbin, Stabenow, and Brown, the Petroleum Coke Transparency and Public Health Study Act, which would require the Department of…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jul 30, 2013

Mr. President, I am pleased today to introduce the Good Samaritan Hunger Relief Tax Incentive Act along with Senators Cochran, Casey, and Moran. This bill is an effort I have worked on with former…

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Richard J. Durbin
Sen. Richard J. DurbinD-IL · Jul 30, 2013

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

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Introduced in SenateIssued July 30, 2013

II

113th CONGRESS

1st Session

S. 1399

IN THE SENATE OF THE UNITED STATES

July 30, 2013

Mr. Durbin introduced the following bill; which was read twice and referred to the Committee on Veterans' Affairs

A BILL

To amend the Servicemembers Civil Relief Act to extend the interest rate limitation on debt entered into during military service to debt incurred during military service to consolidate or refinance student loans incurred before military service.

1.

Interest rate limitation on debt entered into during military service to consolidate or refinance student loans incurred before military service

(a)

In general

Subsection (a) of section 207 of the Servicemembers Civil Relief Act (50 U.S.C. App. 527) is amended—

(1)

in paragraph (1), by inserting on debt incurred before service after Limitation to 6 percent;

(2)

by redesignating paragraphs (2) and (3) as paragraphs (3) and (4), respectively;

(3)

by inserting after paragraph (1) the following new paragraph (2):

(2)

Limitation to 6 percent on debt incurred during service to consolidate or refinance student loans incurred before service

An obligation or liability bearing interest at a rate in excess of 6 percent per year that is incurred by a servicemember, or the servicemember and the servicemember's spouse jointly, during military service to consolidate or refinance one or more student loans incurred by the servicemember before such military service shall not bear an interest at a rate in excess of 6 percent during the period of military service.

;

(4)

in paragraph (3), as redesignated by paragraph (2) of this subsection, by inserting or (2) after paragraph (1); and

(5)

in paragraph (4), as so redesignated, by striking paragraph (2) and inserting paragraph (3).

(b)

Implementation of limitation

Subsection (b) of such section is amended—

(1)

in paragraph (1), by striking the interest rate limitation in subsection (a) and inserting an interest rate limitation in paragraph (1) or (2) of subsection (a); and

(2)

in paragraph (2)—

(A)

in the paragraph heading, by striking as of date of order to active duty; and

(B)

by inserting before the period at the end the following: in the case of an obligation or liability covered by subsection (a)(1), or as of the date the servicemember (or servicemember and spouse jointly) incurs the obligation or liability concerned under subsection (a)(2).

(c)

Student loan defined

Subsection (d) of such section is amended by adding at the end the following new paragraph:

(3)

Student loan

The term student loan means the following:

(A)

A Federal student loan made, insured, or guaranteed under title IV of the Higher Education Act of 1965 (20 U.S.C. 1070 et seq.).

(B)

A private student loan as that term is defined in section 140(a) of the Truth in Lending Act (15 U.S.C. 1650(a)).

.