S.Amdt. 3125

This amendment aims to add several provisions to bill S. 2296 regarding the Servicemembers Civil Relief Act and financial protections for military members.

Financial Literacy Training The amendment adds requirements to title 10, United States Code, to include training on consumer financial protections for members and their dependents. This specifically includes knowledge and use of interest rate limits under section 207 of the Servicemembers Civil Relief Act.

Notification of Benefits The amendment changes section 105 of the Servicemembers Civil Relief Act to specify when people must be notified of benefits:

• When a person first enters military service.
• When a person first enters service in the reserve component.
• When a reserve member is mobilized or ordered to active duty for more than 30 days.

Financial Institution Obligations The amendment updates section 207(b) of the Servicemembers Civil Relief Act to change how creditors handle debts. It requires creditors to:

• Treat debts in accordance with subsection (a) starting the date a servicemember is called to military service.
• Treat any other obligation or liability to the creditor in accordance with subsection (a), even if that obligation was not specifically mentioned in a notice.
• Provide ways for servicemembers to submit required documents via mail, fax, or online.