S. 1550

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 1550 Introduced in Senate (IS)]

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119th CONGRESS
1st Session
S. 1550

To amend title 10, United States Code, to include training regarding 
financial protections under the Servicemembers Civil Relief Act in 
certain financial literacy training programs for members of the Armed 
Forces, and for other purposes.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

May 1, 2025

Mr. Ossoff (for himself and Mr. Scott of Florida) introduced the 
following bill; which was read twice and referred to the Committee on 
Armed Services

_______________________________________________________________________

A BILL

To amend title 10, United States Code, to include training regarding 
financial protections under the Servicemembers Civil Relief Act in 
certain financial literacy training programs for members of the Armed 
Forces, and for other purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Improving SCRA Benefit Utilization 
Act of 2025''.

SEC. 2. FINANCIAL LITERACY TRAINING REGARDING THE SERVICEMEMBERS CIVIL 
RELIEF ACT.

Section 992 of title 10, United States Code, is amended--
(1) in subsection (a)(1)--
(A) by redesignating subparagraphs (D) and (E) as 
subparagraphs (E) and (F), respectively; and
(B) by inserting, after subparagraph (C), the 
following new subparagraph (D):
``(D) consumer financial protections afforded to members 
and their dependents under the law, including protections 
regarding interest rate limits under section 207 of the 
Servicemembers Civil Relief Act (50 U.S.C. 3937);''; and
(2) in subsection (d)(1), by inserting ``(including with 
regards to knowledge and use of protections regarding interest 
rates under section 207 of the Servicemembers Civil Relief Act 
(50 U.S.C. 3937))'' after ``preparedness''.

SEC. 3. NOTIFICATION OF BENEFITS UNDER THE SERVICEMEMBERS CIVIL RELIEF 
ACT TO SERVICEMEMBERS CALLED OR ORDERED TO ACTIVE DUTY OR 
TO ACTIVE SERVICE.

Section 105 of the Servicemembers Civil Relief Act (50 U.S.C. 3915) 
is amended--
(1) by striking the period at the end and inserting ``, 
including--''; and
(2) by adding at the end the following new paragraphs:
``(1) at the time a person first enters military service; 
and
``(2) in the case of a person who is a member of a reserve 
component--
``(A) at the time the person first enters service 
in the reserve component; and
``(B) at any time when the person is mobilized or 
otherwise individually called or ordered to active duty 
for a period of more than 30 days.''.

SEC. 4. FINANCIAL INSTITUTION OBLIGATION TO APPLY MAXIMUM RATE OF 
INTEREST ON ALL SERVICEMEMBER DEBTS INCURRED BEFORE 
MILITARY SERVICE.

Section 207(b) of the Servicemembers Civil Relief Act (50 U.S.C. 
3937) is amended--
(1) in paragraph (2)--
(A) by striking ``the creditor shall treat the debt 
in accordance with subsection (a), effective as of the 
date on which the servicemember is called to military 
service.'' and inserting ``the creditor shall--''; and
(B) by adding at the end the following new 
subparagraphs:
``(A) treat the debt in accordance with subsection 
(a), effective as of the date on which the 
servicemember is called to military service; and
``(B) treat any other obligation or liability of 
the servicemember to the creditor in accordance with 
subsection (a), whether or not such obligation or 
liability was specifically mentioned in a notice 
provided by the servicemember under paragraph 
(1)(A).''; and
(2) by adding at the end the following new paragraph:
``(3) Submission of documents.--A creditor shall provide 
all necessary mechanisms to ensure that a servicemember is able 
to submit any documents required in order for an obligation or 
liability of the servicemember to be subject to the interest 
rate limitation in subsection (a) either online, by mail, or by 
fax, at the election of the servicemember.''.
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