Scra Talent Amendment

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3 Types of Loans Covered Under Talent Amendment

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"Pay Day LoansVehicle Title LoansTax Refund Anticipation Loans"

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Consumer Credit (talent amendment)

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Closed–End Credit offered or extended to a covered borrower primarily for personal, family, or household purposes for payday loans, vehicle title loans, and tax refund anticipation loans

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Pay Day Loans (talent amendment)

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"Closed End Credit–term of 91 days or less–amount financed doesn't exceed $2,000–covered borrower receives funds from an incurs interest and/or is charged a fee by a creditor, and contemporaneously with the receipt of funds:

–provides a check or other payment instrument to the creditor, who agrees not to deposit or present it for more than one day; or –authorizes the creditor to initiate a debit to the borrower's deposit account by EFT or remotely created check after one or more days"

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Motor Title Vehicle Loans (Talent Amendment)

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"–Closed–end credit:

–with a term of 181 days or less –secured by the title to a motor vehicle that has been registered for use on public roads and is owned by the covered borrower (other than purchase money transaction)"

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Tax Refund Anticipation Loans (Talent Amendment)

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"Closed–end credit:
–covered borrower expressly grants the creditor the right to receive all or part of the covered borrower's income tax refund; or
–agrees to repay the loan with the proceeds of the covered borrower's refund"

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Covered Borrower (Talent Amend. def)

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"A regular or reserve member of the:
–Army, Navy, Marine Corps, Air Force, or Coast Guard....serving on active duty or under a call or order that doesn't specify a period of 30 days or fewer, or such a member serving on Active Guards and Reserve Duty; or
–the member's spouse, child, or an indivifdual for whom the member provided more than one –half of the individual's support for 180 days immediately preceding an extension of a covered transaction"

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Military Annual Percentage Rate (MAPR)

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"May not exceed 36 percent.

Includes the following costs:
–Interest, fees, credit service charges, and credit renewal charges
–credit insurance premiums, including charges for single–premium credit insurance, or fees for debt cancellation or debt

MAPR does NOT include:
–fees or charges imposed for actual unanticipated late payments, default, delinquency, or similar occurrence
–taxes or fees prescribed by law that actually are or will be paid to public officials for determining the existence of, or for perfecting, releasing, or satisfying a security interest
–any tax levied on security instruments or documents evidencing indebtedness if the payment of such taxes is a requirement for recording the instrument securing the evidence of indebtedness; and
–tax return preparation fees associated with a tax refund anticipation loan, whether the fees are deducted from the loan proceeds"

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Military Service/Active Duty (defined in SCRA)

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Full–time duty in the active military service of the US. Such term includes full–time training duty, annual training duty, and attendance, while in the active military service, at a school designated as a service school by law or by the Secretary of the military department concerned.

Does NOT include full–time National Guard duty.

Military service also includes National Guard members under call of duty authorized by President or Sec. of Defense for more than 30 consecutive days and service members who are commissioned officers of the Public Health Service and NOAA engaged in "active service"

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Dependents (as defined in SCRA)

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Service member's spouse

Service member's child

Individual for whom the service member provided more than 1/2 of the individual's support for 180 days preceding an application for relief under SCRA

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SCRA general requirements

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"Upon receiving written request for relief and copy of military orders, reduce interest rate to 6% for duration of military service; for mortgages reduction extends one year after duty is completeAutos leased for personal or business use by servicemember may be terminated if enter into service for 180+ days, 180+ deployment days, or permanent change of station outside continental US"

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SCRA requirements for foreclosure, eviction

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"Real property securing a mortgage can't be sold, foreclosed, or seized based on breach of obligation during the period of military service or 9 months thereafter without a court orderLandlord can't evict servicemember or his dependents from dwellings with rents less than $2,400 (adjusted annually) occupied as residence"