To the Point: Servicemembers Civil Relief Act ...
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Servicemembers Civil Relief Act
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Operations Guide: SCRA Page | 1 © insideARM.com
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Operations Guide: SCRA Page | 2 © insideARM.com
Legal Disclaimer This information contained in this report is not intended to be legal advice and may not be used as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure this information is up-to-date. It is not intended to be a full and exhaustive explanation of the law in any area, however, nor should it be used to replace the advice of your own legal counsel.
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Contents About the Presenters .................................................................................................................................... 4
How to Use This Guide .................................................................................................................................. 5
Introduction .................................................................................................................................................. 5
The SCRA: An Overview ................................................................................................................................ 6
Definitions ................................................................................................................................................. 7
Active Service v. Active Duty ..................................................................................................................... 7
Dependents ............................................................................................................................................... 8
Co-Defendants .......................................................................................................................................... 8
Who is Not Covered? ................................................................................................................................ 8
SCRA Requirements ...................................................................................................................................... 9
Affidavits ................................................................................................................................................... 9
Additional Due Diligence ........................................................................................................................... 9
Start of Coverage ........................................................................................................................................ 10
End of Coverage .......................................................................................................................................... 10
Stay of Civil Proceedings ......................................................................................................................... 10
Interest Rate Benefit ................................................................................................................................... 11
Rate Limitation ........................................................................................................................................ 11
Eligibility .................................................................................................................................................. 11
What is the Protection? .............................................................................................................................. 12
Definition of Interest ............................................................................................................................... 12
Written Notice v. Copy of Orders ........................................................................................................... 13
Protection from Garnishment ..................................................................................................................... 16
What constitutes service affecting ability to comply with a court order? ............................................. 16
Secured Loans Protection ........................................................................................................................... 16
Personal Property Secured Loans ........................................................................................................... 17
Credit Bureau Reporting Protection ........................................................................................................... 17
Waiver Provisions ....................................................................................................................................... 18
Collecting and Staying Compliant with the SCRA........................................................................................ 19
Additional Waypoints ............................................................................................................................. 19
Appendix A: Text of the SCRA ..................................................................................................................... 22
Appendix B: Full Transcript SCRA Webinar ................................................................................................. 23
Appendix C: Slide Deck SCRA Webinar ....................................................................................................... 24
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About the Presenters Roy Kaufmann is an attorney with over 30 years of experience in civil and criminal law and conversant in legislative as well as litigation matters. He graduated from the George Washington University Law School and has experience in both the public and private sectors. Kirk Jensen is a partner at BuckleySandler LLP, focusing on retail and commercial financial services. Mr. Jensen has extensive experience in matters relating to the federal and state fair lending laws, consumer protection laws, unfair and deceptive trade practices, consumer privacy laws, and mortgage fraud. Mr. Jensen has particular expertise in matters related to the federal Servicemembers Civil Relief Act, so it makes sense we asked him to be on this call, and related state laws, having represented several institutions in landmark enforcement actions. Sasha Leonhardt is an associate with BuckleySandler LLP. Mr. Leonhardt represents financial services industry clients in a wide range of enforcement, litigation, and regulatory matters. He has represented clients in government investigations and enforcement actions related to mortgage origination, servicing, and foreclosure. He also has substantial experience advising clients on the Servicemembers Civil Relief Act. Mr. Leonhardt has written and published articles on data privacy, class action litigation, white collar litigation, whistleblower lawsuits and the Consumer Financial Protection Bureau.
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