Improving SCRA Benefit Utilization Act
- Last Action
- 5/14/2026
Actions
- 2026-05-14Ordered to be Reported in the Nature of a Substitute by Voice Vote.
- 2026-05-14Committee Consideration and Mark-up Session Held
- 2026-02-24Forwarded by Subcommittee to Full Committee by Voice Vote.
- 2026-02-24Subcommittee Consideration and Mark-up Session Held
- 2026-01-21Subcommittee Hearings Held
- 2026-01-21Referred to the Subcommittee on Economic Opportunity.
- 2025-05-01Referred to the Committee on Veterans' Affairs, and in addition to the Committee on Armed Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2025-05-01Referred to the Committee on Veterans' Affairs, and in addition to the Committee on Armed Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2025-05-01Introduced in House
- 2025-05-01Introduced in House
CRS Summary
As of 2025-05-01 (00)
Improving SCRA Benefit Utilization Act
This bill expands interest rate protections under the Servicemembers Civil Relief Act (SCRA) and requires expanded training for and outreach to servicemembers regarding financial literacy and SCRA protections.
The SCRA caps the maximum interest charged on any debt incurred by a servicemember prior to entering active duty at 6% annually if the servicemember's ability to pay is materially affected by active-duty status; servicemembers must provide notice and other documentation to creditors to receive this cap.
The bill requires creditors to apply this cap to all of a servicemember’s obligations or liabilities with that creditor, regardless of whether a certain obligation or liability was specifically mentioned in the required notice provided by the member to invoke SCRA rights. Further, the bill requires creditors to provide all necessary mechanisms to ensure a servicemember is able to submit any required documentation.
The bill also requires that the financial literacy training program provided to servicemembers include information about consumer financial protections afforded to such members and their dependents, including protections regarding interest rate limits under the SCRA.
Additionally, the bill requires the military department concerned to provide written notice of benefits under the SCRA to servicemembers at the time they first enter military service and, for members of the reserve components, at the time they first enter service in the reserves and at any time when they are mobilized or ordered to active duty for more than 30 days.
Cosponsors (18)
- Sanford Bishop (D-GA)
- Julia Brownley (D-CA)
- André Carson (D-IN)
- Donald Davis (D-NC)
- Suzan DelBene (D-WA)
- Christopher Deluzio (D-PA)
- Brian Fitzpatrick (R-PA)
- Josh Gottheimer (D-NJ)
- Seth Moulton (D-MA)
- James Moylan (R-GU)
- Marilyn Strickland (D-WA)
- Dina Titus (D-NV)
- Sheila Cherfilus-McCormick (D-FL)
- Kim Schrier (D-WA)
- Abraham Hamadeh (R-AZ)
- Wesley Bell (D-MO)
- Steven Horsford (D-NV)
- Andrea Salinas (D-OR)
Subjects
- Credit and credit markets
- Financial literacy
- Interest, dividends, interest rates
- Military education and training
- Military personnel and dependents
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.