Bill
Bill > HR2859
US HR2859
US HR2859To amend the Servicemembers Civil Relief Act to extend the interest rate limitation on debt entered into during military service to debt incurred during military service to consolidate or refinance student loans incurred before military service.
summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
113th Congress
Bill Summary
To amend the Servicemembers Civil Relief Act to extend the interest rate limitation on debt entered into during military service to debt incurred during military service to consolidate or refinance student loans incurred before military service.
AI Summary
This bill amends the Servicemembers Civil Relief Act (SCRA), a law designed to protect military personnel from certain civil actions while they are in service, by extending its interest rate limitations. Specifically, it ensures that interest rates on debts incurred by servicemembers during their military service, particularly for consolidating or refinancing student loans taken out before their service began, are capped at 6 percent per year. This protection applies to both federal and private student loans, as defined by the Higher Education Act of 1965 and the Truth in Lending Act, respectively, and clarifies how this interest rate cap is implemented and determined for different types of obligations.
Committee Categories
Business and Industry, Military Affairs and Security
Sponsors (1)
Last Action
Referred to the Subcommittee on Economic Opportunity. (on 08/13/2013)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/113th-congress/house-bill/2859/all-info |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-113hr2859ih/pdf/BILLS-113hr2859ih.pdf |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-113hr2859ih/pdf/BILLS-113hr2859ih.pdf.pdf |
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