11-R210
2011 -- S 0750
Enacted 04/13/11
S E N A T E R E
S O L U T I O N
URGING
Introduced By: Senators Walaska, Felag, McCaffrey, Lynch, and Bates
Date Introduced: March 23, 2011
WHEREAS, Military
personnel are currently protected by the Service members Civil
Relief Act (SCRA), which prohibits foreclosures on
active-duty military personnel and limits
interest rates on their pre-existing consumer debt; and
WHEREAS, The SCRA was
originally signed into law in 1918, as the Soldiers and
Sailors Civil Relief Act (SSCRA). Although the
act has been amended numerous times since
being enacted, the interest rate cap of six percent that
was designated to protect our troops and
their families during service to this country has not been
revised in decades; and
WHEREAS, In light of
today’s struggling economy, an interest rate cap of 6 percent no
longer serves the purpose of protecting our troops’
financial obligations while they are on active
duty. In point of fact, it is often financially
detrimental to the very people it was intended to help;
now, therefore be it
RESOLVED,
That this Senate of the State of
hereby urges all
percent to 2 percent on loans for SCRA-qualified members
actively serving in the military; and
be it further
RESOLVED,
That the Secretary of State be and he hereby is
authorized and directed to
transmit duly certified copies of this resolution to the Rhode
Island Congressional Delegation, the
and the
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LC02184
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