Our country’s military members and their families devote their lives to serving the defense needs of our country, often at great personal sacrifice. As a result, federal and state laws have been crafted to provide these servicemembers and their families special protections, which are intended to allow the servicemembers to focus their entire attention and energy on the defense of our nation.

There are two major statutes affecting military borrowers – the new Military Lending Act and the longstanding Servicemembers Civil Relief Act (SCRA). This article only addresses the SCRA, which has been around since 1940, but SCRA violations continue to be an area of significant regulatory scrutiny. As a result, it’s important to stay current, and to regularly review and update your SCRA policies and procedures.

Originally published in Tennessee Dealer News, July/August 2019.