1.Enhancement of protections
for servicemembers relating to mortgages and mortgage foreclosures
(a)Treatment of
mortgages as obligations subject to interest rate
limitationSection 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)In
this section:
(1)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)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 periodSubsection (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 periodSubsection (b) of such section is
amended by striking 90 days
and inserting one
year
.
(c)The amendments made by this section shall take effect on the
date of the enactment of this Act.