New Legislation Would Grant More SCRA Oversight For CFPB
A newly proposed legislation, sponsored by Sens. Jack Reed, D-RI, and Chuck Schumer, D-NY, would expand oversight of the SCRA to include the Consumer Financial Protection Bureau.
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Mass. Law: Notice Shifts Burden from Servicemembers To Lender
The Servicemembers Civil Relief Act (“SCRA”) generally requires that, for a Servicemember to be protected by the provisions of the SCRA, the servicemember must affirmatively send a notice to lenders. A provision in the SCRA that shifts burden to the lender regarding notice does not exist.
The SCRA, at 50 U.S.C. App. § 533, provides certain protections in the context of residential foreclosures. One of those protections is a usually a moratorium on foreclosures if the loan predates the Active Duty Start Date. The length of this foreclosure not only includes the period of active duty, but a period after the Active Duty End Date.
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SCRA – Legislative History of the Servicemembers Civil Relief Act
The Servicemembers Civil Relief Act (the “Act”) replaced the former Soldiers and Sailors Act.
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