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State Seeks to Ban Title Lender

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Manual Helps with Servicemember Financing

counselorlibraryCounselorLibrary.com announced the newest in its series of compliance manuals,, Compliance Guide - Servicemembers Civil Relief Act, by James Chareq, is now available.

The federal Servicemembers Civil Relief Act provides important financial protections for servicemembers and their families. Although the SCRA has been on the books for years, the subject of financial protections has become a focus of federal and state regulation. The Dodd-Frank Wall Street Reform and Consumer Protection Act created a powerful new federal agency, the Consumer Financial Protection Bureau. One of the CFPB's principal missions is the protection of the financial interests of servicemembers and their families. Many states have enacted laws that provide protection as well.

Compliance Guide - Servicemembers Civil Relief Act is a reference tool that provides busy finance companies with a step-by-step roadmap to designing and implementing an SCRA compliance program. The SCRA topics addressed include:

  • When a creditor's SCRA compliance obligations are triggered;
  • The operation of the 6 percent interest rate limitation;
  • The motor vehicle lease termination provisions;
  • The provisions relating to default judgments and stays of proceedings; and
  • The SCRA's impact on the availability of creditor remedies.