Improving SCRA Benefit Utilization Act

This bill changes rules about interest rates on debt for military servicemembers. Under current law, servicemembers can get their interest rates lowered to 6% on debts they had before starting active duty, but they must notify their creditors and provide paperwork. The bill requires creditors to apply this 6% rate to all debts a servicemember has with that creditor, not just the specific debts mentioned in the notice. It also requires creditors to provide ways for servicemembers to submit the needed paperwork. The bill adds requirements for the military to teach servicemembers about financial protections and to give written notice about these benefits when someone first joins the military or reserves, and when reserve members are called to active duty for more than 30 days.

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