[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 2764 Introduced in Senate (IS)]







110th CONGRESS
  2d Session
                                S. 2764

To amend the Servicemembers Civil Relief Act to enhance protections for 
servicemembers relating to mortgages and mortgage foreclosures, and for 
                             other purposes


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 13, 2008

   Mr. Kerry introduced the following bill; which was read twice and 
              referred to the Committee on Armed Services

_______________________________________________________________________

                                 A BILL


 
To amend the Servicemembers Civil Relief Act to enhance protections for 
servicemembers relating to mortgages and mortgage foreclosures, 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. ENHANCEMENT OF PROTECTIONS FOR SERVICEMEMBERS RELATING TO 
              MORTGAGES AND MORTGAGE FORECLOSURES.

    (a) Treatment of Mortgages as Obligations Subject to Interest Rate 
Limitation.--Section 207 of the Servicemembers Civil Relief Act (50 
U.S.C. App. 527) is amended--
            (1) in subsection (a)(1), by striking ``in excess of 6 
        percent'' and all that follows and inserting ``in excess of 6 
        percent--
                    ``(A) during the period of military service and one 
                year thereafter, in the case of an obligation or 
                liability consisting of a mortgage, trust deed, or 
                other security in the nature of a mortgage; or
                    ``(B) during the period of military service, in the 
                case of any other obligation or liability.''; and
            (2) by striking subsection (d) and inserting the following 
        new subsection:
    ``(d) Definitions.--In this section:
            ``(1) Interest.--The term `interest' includes service 
        charges, renewal charges, fees, or any other charges (except 
        bona fide insurance) with respect to an obligation or 
        liability.
            ``(2) Obligation or liability.--The term `obligation or 
        liability' includes an obligation or liability consisting of a 
        mortgage, trust deed, or other security in the nature of a 
        mortgage.''.
    (b) Extension of Period of Protections Against Mortgage 
Foreclosures.--
            (1) Extension of protection period.--Subsection (c) of 
        section 303 of the Servicemembers Civil Relief Act (50 U.S.C. 
        App. 533) is amended by striking ``90 days'' and inserting 
        ``one year''.
            (2) Extension of stay of proceedings period.--Subsection 
        (b) of such section is amended by striking ``90 days'' and 
        inserting ``one year''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.
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