[Congressional Bills 110th Congress] [From the U.S. Government Publishing Office] [S. 2764 Reference Change Senate (RCS)] 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 April 3, 2008 Committee discharged; referred to the Committee on Veterans' Affairs _______________________________________________________________________ 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. <all>