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Informational Memorandum
Subject:Soldiers and Sailors Civil Relief Act of 1940
Date of Memorandum:11/26/2001
Expiration Date:
Office:OE
Signed By:Smith, Roland
FCA Contact Person:Holland, Tom
Contact Phone:703-883-4484
List of Attachments:

Chairman and Chief Executive Officer Financial institutions may not charge a rate of interest greater than 6 percent during the period of active duty for obligations, including mortgages, incurred prior to military service, unless a court finds that the obligor’s ability to pay is not materially affected by active duty status. Financial institutions may not foreclose on a mortgage securing an obligation incurred prior to military service, during the period of active duty or for 3 months thereafter, unless a court finds that the mortgagor’s ability to pay is not materially affected by active duty status. Individuals on active duty are protected from the execution of judgments, eviction from property, and the termination of leases. In addition, the time period served on active duty is excluded from the computation of certain statutes of limitations.