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Subject: Servicemembers Civil Relief Act
Date: November 19, 2012
To: Chief Executive Officers of All National Banks, Federal Branches and Agencies, and Federal Savings Associations; Department and Division Heads; All Examining Personnel; and Other Interested Parties
Description: Extension of Time Period for Certain Protections
On August 6, 2012, President Obama signed into law the Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012, Pub. L. 112-154, 126 Stat. 1165 (2012). Section 710 of the act amended section 303 of the Servicemembers Civil Relief Act (SCRA), 50 USC app. 533.
SCRA section 303 addresses obligations secured by a mortgage, trust deed, or other security similar to a mortgage on real or personal property owned by a servicemember. The provision applies only to obligations that originated before the servicemember’s military service and for which the servicemember is still obligated. The recent amendment extended, on a temporary basis, the period during which certain SCRA protections apply.
Effective February 2, 20131 (180 days after enactment),
This extension ends December 31, 2014. Beginning January 1, 2015, there will be a period of 90 days after the end of the servicemember’s military service during which a foreclosure, sale, or seizure of the servicemember’s property based on a breach of a mortgage, trust deed, or other security, without a court order or waiver, will not be valid. During this period, a court may also stay proceedings enforcing such obligations.
For Further Information
If you have questions or comments regarding this bulletin, please contact the appropriate supervisory office; the Community and Consumer Law Division, (202) 874-5750; or the Compliance Policy Division, (202) 874-4428.
Grovetta N. Gardineer